The Austin home market was in favor of sellers in 2021, but it seems like that trend might be ending.
With slowing sales and home inventory on a steady incline, the market seems to be moving towards pre-pandemic conditions. What are the specific numbers, though, and what else can they tell us?
Read on to learn all about the latest home sales data and what it could mean for you.
How Things Are Shifting
While sales are slowing, it’s important to remember that the housing market in Austin is still going strong. Active home listings increased by 217 percent in the second quarter of 2022, but they’ve been sitting on the market for an additional six days. The median home price went up to $546,000, but that doesn’t mean finding a deal is impossible.
If trends continue in this direction (and we’re confident they will), that could mean great news for homebuyers. It’s a solid indicator the market is tilting in their direction, meaning a much easier time finding a home.
Where Should You Buy?
If your aim is high-end luxury, look no further than Tarrytown. It’s mostly a residential area, with a low amount of businesses and restaurants in the neighborhood as a whole. It’s located right off the highway, though, so it’s only a short drive to find things downtown.
Clarksville is another neighborhood that borders downtown. It’s filled with local landmarks, historic homes, and plenty of green space found in its parks. It’s a great option for families, students, and young professionals alike.
For older buyers, Rosedale is a great place to look. It’s a safe neighborhood with plenty of green space and room to host barbecues or pool parties. There are also trails you can hike along and plenty of shops to explore.
Is Renting the Right Move?
If you’re looking to sell quickly and move quickly, you might look into renting, but is it the best move to make in this market? Let’s take a look at the numbers.
While the market is great for rental property investors, it might not look so hot for renters. Monthly prices increased 48 percent from May 2021 to May 2022 alone, and they’re not expected to slow down anytime soon. There’s also no legal limit to how much a landlord can increase your rent, so it’s easy for it to become excessive.
Ultimately, if you’re looking for a short-term solution, renting can be a great option, but for long-term success, it’s best to stick with owning your property right now.
Use This Home Sales Data to Your Advantage
With the latest home sales data, it’s a lot easier to find where you should live and the easiest way you can get there. Whether you’re looking to buy or sell, conducting proper research ahead of time is essential for ensuring you have everything you need to get started.
If you’re in a hurry, we can also help you out. Take a look at our sales process and then contact us to get started today.