Austin Market June 2023
June 28, 2023 by West Austin Properties · 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.
