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Austin Agents Optimistic as Prices Hit Two-year Low in Central Texas

Chris O’Connell March 26, 2023

It seemed that last year, even Austin’s outlying areas were growing impossibly inexpensive for the average homebuyer. The northern suburbs were particularly hot, including Round Rock and Pflugerville, as outlined in a MySA story from March.

However, Austin’s median home sales price has dipped to $439,419, the lowest it has been in almost two years, according to new data from the Austin Board of REALTORS®.

MySA spoke to real estate agents, including ABoR president Ashley Jackson, in February about the cooling of the Austin market. The prevailing opinion was that the extreme sellers’ market that was causing low inventory and nonstop bidding wars was an abnormality, and that this resetting of the market was positive, especially for first-time home-buyers.

“In some ways,” Agent Kristen Kreisel said last month, “I think there’s been some relief on all sides.”

With the latest data, Jackson is reiterating a similar message: that sustainability is more important than prices consistently reaching eye-popping numbers.

“Austin’s housing market is trending in the right direction,” she said, in a release. “Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move.”

Across the city proper, home sales decreased just a tick under 30%, with sales dollar volume down 31.9% ($389,252,605) and median prices sliding 6%. During that same time period, inventory increased to 2.2 months from 1.9 months year over year.

Meanwhile, Hays and Bastrop counties both saw year-over-year increases in sales while seeing decreases in median price.

In Hays County, which encompasses towns like Buda, Kyle, Wimberley, and Dripping Springs, and which contains portions of the cities of Austin and San Marcos, home sales increased 3.8%, with the median price falling 13.1% to $380,000. Active listings jumped a staggering 448.8% to 1,136 listings, no doubt in large part to a massive increase in development in the area.

In Bastrop County, where we previously reported was becoming a hotspot for young creatives being priced out of Austin, home sales jumped 28.8% compared to 2022, while median price decreased 20% to $349,990. Bastrop County also saw a huge increase in active listings of almost 400%, again a likely cause of major homebuilding in towns like Elgin and Bastrop.

Caldwell County, which includes Lockhart, stayed mostly flat in February 2023, with median prices dipping just 3.1% and sales staying about equal.

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