Home News Austin housing market to see most dramatic shift in 2023, report shows

Austin housing market to see most dramatic shift in 2023, report shows

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New forecasts see a big shift in the Austin homebuying market next year.

By July 2023, the Austin metropolitan area is projected to witness the most dramatic shift from a seller’s market to a buyer’s market among the nation’s 100 metropolitan areas. According to Nok Realty Platform.

In a buyer’s market, sellers typically accept a lower price than they listed their home for. The opposite is true in a seller’s market, where homes often sell for more than their list price. The Austin area is projected to have the lowest selling price to list price ratio in July 2023.

Median home sales prices in the Austin area rose 71% during the pandemic, compared to 39.9% nationwide, Knock said.

Knock predicts that the median home price in the Austin area will reach $594,893 in July 2023. That’s up 15.5% from the $515,000 reported by the Austin Real Estate Association in July this year.

“As markets continue to become more balanced, 15 of the 100 largest housing markets are projected to be buyer-friendly by July 2023, while another 27 are expected to be buyer- and seller-friendly. It’s expected to move into neutral territory where you can’t do anything,” says Knock. .

Knock’s outlook for Austin’s homebuying market isn’t nearly as dire as the Americans voiced in a new survey.

in the InvestigationA survey conducted by the consumer affairs website found that 33% of respondents named Austin as the US market most likely headed for a housing crash. This was the highest percentage of any market cited in the study.

Overall, local real estate professionals aren’t afraid of a housing crash here, but Austin Market Cools DownFor example, homes for sale in the Austin area spent an average of 22 days on the market this July, up 10 days from July 2021.

“Austin real estate market inventories and mortgage rates have returned to pre-pandemic levels in recent months. Sellers need to reset their expectations, not the intense sellers market they had a few months ago.” said Ryan Leahy, regional president of Hometown Texas, an Austin mortgage lender, in a news release from the Austin Real Estate Association.

“It’s been a while,” adds Leahy.

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