11/20/2023
๐กโจ Austin Real Estate Update: The October 2023 market report is in, revealing a 7.5% drop in the median home price to $435,000, making it an opportune time for buyers! ๐๐ฝ
๐ Despite a slight dip in sales dollar volume, there's a 4.1% increase in total residential sales, showcasing the resilience of our housing market.
๐ With homes spending an average of 68 days on the market, buyers are navigating with increased negotiating power.
๐ช๐ฝ๐ As we round out the year, the housing inventory increased to 3.2 months, offering diverse options for prospective homeowners.
๐๐ผ Clare Losey, ABoR's housing economist, reminds us that despite the decrease in median price, it's still 44% higher than in September 2018, underlining the long-term value of homeownership.
๐๐ฐ For a deeper dive into the data and insights on Austin's housing challenges, check out ABoR's latest research report. ๐๐ก
Let's keep working towards a more accessible and inclusive housing market for everyone! ๐ค๐