Austin Crowned One of Best US Markets
Homebuyers Assemble: Austin, Texas, Is Crowned One of the Best US Markets
It’s official, so you’re gonna want to sit down for this one, y’all.
A new report has named our beloved Austin, Texas, as one of the best markets for homebuyers in the US.
Well, the team here at Twist Tours is doing a happy dance because, as real estate marketers, we know how much this city, and Central Texas overall, has to offer. We’re proud to call it home.
Let’s examine the report, see what changes have arisen in the market, and learn what this means for anyone buying a home in Central Texas in 2023.
The Austin housing market has been on a rollercoaster, y’all.
First, there were unprecedented house price hikes. This was combined with a low stock of houses for sale. Then there was a flurry of sales through the pandemic.
And now? Finally, things are starting to steady.
‘Knock‘ is the home finance technology team and they released a report just a couple of months ago that has us pumped. In their report, they ranked Austin as the #4 homebuyer market in America!
These guys know what they’re talking about. They used “data on more than 150 million properties in the nation’s largest, most attractive metropolitan areas since 2016.” Their buyer-seller market index analyses key housing metrics to ensure the degree to which the nation’s 100 biggest markets favor buyers or sellers.
So, how do they come up with the rankings? They measure a lot of factors:
- The ratio of average sale to asking price
- The number of houses sold
- The number of active listings
- The median days on the market
- The average sale price
- The rolling supply of homes in one month
Skyrockets in flight
One of the reasons that Austin is celebrating this new title is a mega boost to its home inventory. September 2022 in particular saw the Austin – Round Rock housing market experience a giant spike in active listings by 162% – that’s 9,671 listings. This was the highest number of active listings since July 2011, according to the Austin Board of Realtors (ABOR)! WOW!
More good news: house price growth has returned to normal, and the average price is now similar to the start of 2022.
OK, great, but what does this mean for homebuyers?
Right, enough stats. What does this actually mean for homebuyers?
Well, this shift in the real estate market favors buyers now. It means that the average sale-to-list price ratio is coming down. Great news, especially when you remember that house prices have been steadily rising since 2016.
Sellers in Austin will be making a little attitude adjustment. Gone, it seems, are the days of multiple offers, the offers way above asking prices, and those bidding wars.
ABOR president Cord Shiftlet said “homebuyers have not had this much leverage and this many options in over a decade. We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas.”
We’ll give a “Yee-haw!” to that!
Austin Texas for the win
Now, we’re not saying “I told you so” but… well, we told you so. The fact that Austin has been recognized as one of the hottest places to buy right now? Well, let’s just say we didn’t need a crystal ball to call that one.
We’re big fans of Austin. Always have been, and always will be. That’s why we set up an office here. For starters, it’s the live music capital of the world. And we can’t forget about the incredible food scene, boot-scootin’ nightlife, and world-class museums!
Our second-to-none photographers love it, too! There’s so much beauty and interest here that you better believe there’s no way they’re leaving the house without a camera!
All in all, it’s a great place to own a home and live life to the fullest
So, you know, get ‘em while they’re hot.
Finger on the pulse
We’ve got a finger on the real estate pulse. As a local real estate marketing company, we serve Central Texas: San Antonio, Austin, and the surrounding areas. We work with builders, realtors, sellers, buyers, interior designers, and architects. Everyone we work with knows that we’re professional, experienced, and dedicated. We make it our business to know what’s happening out there.
Hit us up for all things related to Central Texas real estate marketing, because we love to chat. We could talk for hours about virtual staging, virtual tours, floor plans, 3D spaces, videography, and aerial shots. It’s our thing.
Call us for more information on any of these services and we’ll be happy to help.
And remember, shoot today – in your hands tomorrow.