November Market Report
Market Overview
Austin’s real estate market tightened in November as we moved deeper into the holiday season. The city closed 563 single-family home sales, a 4.1% decrease from this time last year.
Pricing has adjusted, with the median sales price settling at $590,000 (-1.7% YoY) and the average sales price dipping to $760,032 The price per square foot averaged $329, creating opportunities for buyers looking to maximize value.
Active inventory sits at 2,456 listings, and while months of supply is at 4.4 months, we are seeing a critical shift: New listings dropped significantly to 579, down nearly 7% from last year.
Months Supply Of Inventory
At 4.4 months of supply, Austin remains in a Buyer's Market, though it is tightening compared to the summer highs. This level of inventory still gives buyers leverage, but the best homes—those priced right and presented well—are absorbing quickly.
Buyers: You still have the upper hand on negotiation, but inventory is shrinking. If you see a home you love, don't assume it will wait for you.
Sellers: With inventory dipping, your competition is fading. If you are on the market now, you have a better chance of standing out than you did in October.
Price Cuts & Compression
Price adjustments remain a dominant theme in this segmented market. In November, 59% of active listings had a price drop, with an average reduction of 9% off the original asking price.
Median time to first price drop: 20 days
Median time from price drop to contract: 25 days