June Real Estate Stats Show Preliminary Signs of Market Stabilization

For months on end, it's seemed as if there was no end in sight for the incredibly competitive Austin real estate market. In fact, just looking at the latest numbers it still appears that way.  Last month, the greater Austin area saw an all-time high median sales price of $482,364; Simultaneously 4,369 homes were sold, a record number of home sales compared to any previous June numbers. 

Yet, these numbers don't show the full picture. Real estate stats are always lagging indicators.  In general, it usually takes at least 30 days for a home to go from hitting the market to sold.  Thus, the sales data for June is based on homes that hit the market in May.  In the past month, we have started to see an increase in listings.  It's not crazy, but it is impactful.  In the City of Austin, we saw 2,044 new residential listings in June compared to 1,724 in May. 

An increase in supply is good news for prospective home buyers.  This means more homes to choose from, and less competition.  This subtle increase is exciting; yet we are still very far from a balanced market.  You can still expect to see multiple offers.  However, you may only be competing with a handful of other buyers compared to the double digit number of offers we frequently saw on homes over the past 6 months.  As you might expect, the premium paid over ask price is simultaneously beginning to decrease. 

All of these indicators show that pricing is starting to stabilize but that doesn't mean home prices are going down. Home prices are likely to continue to stay at these elevated levels.  That being said, I do foresee a return to the normal cyclical pattern for real estate sales in the Austin metro area.  Over the past year, there was no normal slow down for the winter.  In fact, the median sales price in the MSA stayed the same or increased month after month.  In the future, I see a return of spring being the peak selling season- when buyers can expect the most inventory and sellers can expect to sell for the highest price.

That being said, here are the latest Austin area market stats:


City of Austin:
Compared to June of 2020

• Median sales prices are up 42%
• Single family homes sold are up 16%
• Average days on market are 13 days

Greater Austin Area (AKA Austin Round Rock MSA):
Compared to June of 2020

• Median sales prices are up 43%
• Single family homes sold are up 8%
• Average days on market are 13 days

Curious to know what's happening in your specific neighborhood? Contact me with any questions you may have. I’d love to hear from you!