Austin Market June 2023

June 28, 2023 by · Leave a Comment 

To understand the Austin residential market, it is important to look at the difference in median closed values over the prior two years.

  • In June of 2021, the median home closed price was  $398,000. 
  • In June of 2022, the median home closed price was $550,000, an increase of 38% in one year.  
  • Then interest rates started to increase, companies began laying off some workers and investors who had been active in the market experienced  declining values and expenses increasing.
  • During the next 10 months, prices began dropping and by March 2023, the median residential home sold for $442,250, a 10 month decline of 27%.
  • March 2023 was the low point for median close prices.
  • Since March, by the end of May, home values have increased to $465,000 or an increase of 5% over March 2023.
  • Current median home closed prices are approximately where closed prices were in June 2021, two years ago.
  • Median home closed prices have been increasing each of the last two months, however these value are still 15% below the highs of June 2022, one year ago. 
  • Current median  homes closed prices would need to increase 18.3% to reach the June 2022 levels.

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