Eleven Oaks Realty is proud to present their November 2023 Austin Real Estate Price Report measuring activity in the single family home market.
Austin is a Seller’s Market
For the last few months, Austin has been hanging on to a seller’s market by a string at nearly 5 months of inventory on the market (seller’s market is considered less than 5 months). This month we saw a bump down in inventory, indicating an even stronger sellers market. This dip is nothing compared to the extreme seller’s market we were seeing in 2020 and early 2021, where we had less than 1/2 month of inventory on the market. However, we are back down below 4 months at 3.98 months of single family home inventory on the Austin market, down 10.98% from last month’s numbers. Sellers received, on average, 96.7% of their list prices, down 0.28% in month over month comparisons. The median time to sell a home in Austin was 46 days, down 2.13% in month over month comparisons. The median price of a single family home in Austin in November 2023 was $600,000, up 0.93% in month over month comparisons.
What does this mean for buyers? Buyers are seeing a more favorable buying climate than they have in years past. Though it’s not a buyers market, we’re about as close to one as we have seen in years. Sellers are getting nervous when their homes sit and they’re willing to come down on price and make concessions. Fewer buyers are in the market, but we are seeing more sellers list, so it’s giving buyers more choices than they’ve had in years. The end of the year usually marks a great time to get a home under contract as the only sellers in the market now are those who are motivated to get their homes sold.
What does this mean for sellers? Sellers should not be discouraged. Though we are seeing fewer buyers in the market, they are out there and they are paying more than they did last month and even last year. Media reports tell us prices are dropping, but median price is telling a different story. Time to sell has increased, so it’s important to give yourself time to get your homes sold. You can’t expect they sell in a weekend like they have in the past. Know a buyer is out there if you are willing to prepare your home to sell. Though sellers are getting less of their list prices, they are pricing higher than they did last year so the median price is staying around the same and even a little higher than we saw last year. If you adjust to the market, you will be successful.
4.3% Increase in Median Sold Price
The median price of a single family home in Austin went from $575,000 in November 2022 to $600,000 in November 2023, showing a 4.3% increase in year over year numbers. Last month, the median price of a single family home in Austin was $594,500, showing an 0.9% increase in month over month numbers. It’s interesting as we have been hearing in the media prices are down, but we continue to see median prices up in year over year comparisons and usually up in month over month comparisons as well.
15.3% Decrease in Number of Closed Sales
There were 438 single family homes that closed escrow in November 2023 compared to 517 homes in November 2022, showing a 15.3% decrease in year over year numbers. Last month, there were 576 homes that closed escrow showing a 24% decrease in month over month numbers. The decrease in closed sales is something we are seeing across the board. There are fewer sales this year than last year, which confirms what we are seeing in the market as less demand.
0.4% Increase in Average List Price to Sales Price
In November 2023, the average list to sales price of a single family home in Austin was 96.69% compared to 96.32% in November 2022, showing an 0.4% increase in year over year numbers. Last month, the average list to sales price was 96.96% showing an 0.3% decrease in month over month comparisons. The average list to sales price has remained essentially constant over the last year.
4.5% Increase in Median Time to Sell
In November 2023, the median time to sell a single family home in Austin was 46 days compared to 44 days in November 2022, showing a 4.5% increase in year over year numbers. Last month, in October 2023, the median time to sell was 47 days, showing a 2.1% decrease in month over month numbers.
3.3% Decrease in Median Price Per Square Foot
In November 2023, the median price per square foot was $295 compared to $305 in November 2022, showing a 3.3% decrease in median price per square foot. Last month, in October 2023, the median price per square foot was $305, showing a 3.3% decrease in month over month comparisons.
13% Decrease in Total Sales Volume
In November 2023, the total sales volume of single family homes in Austin was $351,118,823 compared to $404.91MM in November 2022, showing a 13% decrease in year over year comparisons. Last month, the total sales volume was $461.37MM showing a 23.9% decrease in month over month comparisons.
14% Increase in Number of New Listings
In November 2023, there were 755 listings introduced to the market compared to 661 in November 2022, showing a 14% increase in year over year numbers. Last month, there were 905 homes introduced to the market, showing a 16.6% decrease in month over month comparisons. The decrease from October to November is typical as we head into the winter months.
9% Decrease in Number of Active Listings
In November 2023, there were 2,520 single family homes for sale compared to 2,770 in November 2022, showing a 9% decrease in year over year comparisons. Last month, there were 2,740 listings for sale, showing an 8.1% decrease in month over month comparisons.
November 2023 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for November 2023 Austin home sales below. The most expensive home that sold in November 2023 sold for $12,850,000 and the least expensive home sold for $203,000. Homes ranged in size from 624 sqft – 9,604 sqft with an average size of 2,246 sqft. The average price per square foot for a home that sold in Austin in November 2023 was $346.05 with the lowest being $144.12/sqft and the highest being $1,337.98/sqft. It took, on average, 58 days to sell a home in Austin and sellers received, on average, 91.59% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 1 | 624 | $200,000 | $146.89 | $203,000 | $144.12 | 70% | 52% | 0 |
| Max | 9 | 10 | 9,604 | $11,750,000 | $1,223.45 | $12,850,000 | $1,337.98 | 134% | 134% | 380 |
| Avg | 4 | 3 | 2,246 | $821,319 | $358.69 | $794,167 | $346.05 | 96.83% | 91.59% | 58 |
| Median | 3 | 3 | 2,026 | $621,450 | $302.57 | $606,022 | $291.65 | 97.5% | 93% | 41 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | November 2023 |
| Property Type | Single Family Homes | Number Sold | 470 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking at the Austin market only and comparing where we have been in the past several years, it’s time to buy! Though we’re still in a sellers market, we are seeing more favorable market conditions for buyers than we’ve seen in years. Price reductions, increase time to sell, sellers offering concessions and willing to make repairs, no appraisal waivers and an overall more sensible approach to home buying. Buyers do need to factor in interest rates (though they have gone down over the past several weeks) to get a good handle on budget, but if those numbers work out, we are really seeing some great deals for buyers, especially when compared to two years ago. Though interest rates were lower back then, most often buyers were having to come up with extra cash to close the gap between the appraisal and offer way over asking just to get the house. We aren’t seeing that anymore. Often, buyers are able to pay less than appraised value, so it’s really been a much more pleasant experience these past few months.
If you’re looking to buy, get with a knowledgeable mortgage broker who can guide you to getting the lowest interest rate possible. We are starting to see the frenzy pause for a minute, as hesitant buyers wonder what to do. Take advantage of lower demand and get in before interest rates rise again. The best homes are still selling quickly, so you don’t want to wait too long once you see a home listed that you like. If you’re looking to buy, we can help you be successful. We have experienced several market shifts in our careers and know how to navigate them. For more info about buying a home, visit Buy a Home in Austin.
If you need to sell, don’t be discouraged. Know it’s going to take a little more time, but also know that if you stick it out, you’ll be successful. If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
Questions About the November 2023 Austin Real Estate Price Report?
Do you have questions about our November 2023 Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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