A Realty Austin housing market report for August indicates that buyers have more options and negotiating power as the fall season begins.
According to a September 23 press release, there is a surge in available homes and a reduction in prices in Austin's real estate market. The number of homes for sale increased by 15%, and median prices decreased by 4% compared to last year.
Aside from the increased availability of homes and their affordability, the report suggests more takeaways such as more time on the market, a rise in buyer demand, and a decline in home sales. The report states that there is a shift toward a more balanced market as the Texas state capital's housing market becomes more buyer-friendly.
Realty Austin Compass’s Tom Thornton said in the release that what he described as "an unusual sales cycle" is caused by a combination of generally higher interest rates, high inventory, and continued market price adjustments. Thornton advises sellers to price their homes currently and use effective listing strategies.