Normally I send a hyper-local weekly update about the Austin real estate market and our listings, but this week we’re giving you a macro-perspective on the real estate market. Here are the take aways:

1. National median home price is up over July 2022.
2. Nationally inventory is down. Sellers have a ton of equity and a million fewer homes hit the market in the last 12 months than in the previous 12 month period. This decrease in inventory is keeping pricing strong overall.
3. Interest rates are higher, as of 8/24/23 the 30 year fixed rate is at 7.37%.
4. Texas continues to grow! Our population increases are amongst the strongest in the nation. See the Census Data slide below.

Courtney’s Austin Perspective

We’re still transitioning from the strongest sellers market in recorded history to more normal times. These more normal times find us with elevated price points from the post-pandemic market to a new environment where buyers have more to choose from and are subject to a higher interest rate. The buyers ARE HERE. However, they are cautious and picky. They see this is a good time to buy, but they are also concerned that the economy could get a “little worse before it gets better” so they are driving hard bargains and demanding better terms. Keep in mind that sellers are still flush with equity and in most cases have some room to make deals work as long as they are motivated to sell.

The long and short of it is that AUSTIN IS A VERY HEALTHY MARKET, with more equilibrium between buyer and sellers than we’ve seen in recent years. Is it a good time to buy? Yes, be firm and negotiate the best deal you can while prices are slightly lower than before. Is it a good time to sell? Yes, be realistic on price and present your home properly and the buyers are there! Of course, rely on the expertise of the Oldham Group. We’ve been through this before to help you navigate the nuances of today’s environment.

Call Courtney to buy or sell at 512-809-5495.