Real Estate Market Conditions: September Housing Overview
Fall is HERE! The growing housing market in Austin continues to increase the average closing price of homes. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Austin area. Fall is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in September when compared to last September. 2,648 homes were sold in the Austin area this September. This is a 22.03% increase from last month and a 3.43% decrease from last year.
Average Sold Price:
The average price of a home is currently $374,282 which is a 4.01% decrease from last month and but a 5.51% increase from last year. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average Sale-to-List Ratio:
In addition, homes are being sold near their original asking price. On average, homeowners are making 96.10% of their home’s original asking price. This rate has only decreased by .50% from last month.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 54 days before being sold. Closings are occurring 10.2% faster than last month and just 1.89% faster than last year. An average of 54 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In the Austin and surrounding area, the inventory of homes has increased by 1.73% from last year while the number of homes on the market decreased by 1.74% from August to September. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.