A brand new Zillow report may very well be some welcome information to many Austin-area homebuyers.
AUSTIN, Texas — Are you on the lookout for extra indicators that the housing market in Austin is cooling down?
In line with a report issued Friday by Zillow, the true property monitoring agency, the Austin metro space has plummeted from their record of hottest actual property markets within the nation, falling to thirtieth place nationwide for 2023.
That’s a giant drop when you think about that Austin ranked No. 10 in 2022 and was the No. 1 hottest housing market in 2021.
The report additionally exhibits properties within the Austin space are spending a median of 68 days in the marketplace, greater than in another main metro nationwide. Only a yr in the past in December 2021, Zillow reported properties within the space have been in the marketplace for a median of twenty-two days.
Nonetheless, properties inside Austin metropolis limits stay costly, at a median worth of $525,250 in December, however that’s a 5.4% worth drop from a yr in the past.
Common house costs additionally dropped by 2.4% in Williamson County, and in Bastrop County by 6.5%.
Zillow additionally stated that “affordability, or the shortage thereof, was the chief impediment to the housing market within the second half of 2022 due largely to the greater than doubling of the 30-year mortgage rate of interest over the past 12 months: from 3.11% on December 2021 to six.42% in December 2022” – a pattern some economists say is prone to proceed.
Boomtown is KVUE’s collection protecting the explosive progress in Central Texas. For extra Boomtown tales, head to KVUE.com/Boomtown.