Austin real estate calms down a little

A sense of normalcy continues to return to the Austin real estate market, with median home prices in the Austin/Round Rock area showing no year-over-year increase for the first time since February 2019, according to data analyzed by the Austin Board of Realtors. The group’s November report also showed the number of days homes sit on the market continues to increase to an average of 58 days, with total home sales (2,026) dropping by 36.6 percent for the largest drop in closings since May 2020 when the Covid-19 pandemic caused a major slowdown in real estate transactions. The noticeable slump in home sales has caused a dramatic change from recent years where thriving demand required buyers to make offers the day a property went on sale, often without being able to view or evaluate a home fully. “It’s a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap,” ABOR President Cord Shiflet said.