2023 HOME EDITION
MARKET MOVEMENT
Like prices, other key market indicators in the Community Impact Southwest Austin-Dripping Springs coverage area have leveled out following years of record activity.
remained in range for families or the higher-dollar consumers already interested in the area. Moran said homes in the $1 mil- lion-plus bracket stay on the market longer, especially in Dripping Springs, while those priced at $600,000- $700,000 and below sell much faster. Farther from Austin city limits, there’s also room for more new homes, real estate agents said. Development continues as federal data shows the Austin-Round Rock-Georgetown area remaining a national leader in hous- ing production as around 32,000- 51,000 housing units have been added annually since 2019. While much of South Austin is built out, Dripping Springs is seeing more new development that, while facing local infrastructure limitations, is still expected to continue, agents said. “That brings a whole other layer of demand out toward southwest, Drip- ping Springs,” Moran said. The outlook As the market settles in, Jack- son said she believes there’s now a general outlook for stability in the
southwestern area overall. Looking ahead, local agents said key factors for any notable movement will be the pace of new development and whether interest rates signi - cantly rise or fall again. For now, they view conditions as likely to remain at least into next year with consider- ation for traditional seasonal swings. “We’re still in a good market for both sides,” Gutierrez said. “I think buyers get to be pickier than sellers; they don’t get to have the whole pie.” Jackson said one of her top take- aways is the local buying opportunity. Barnard agreed, noting while sellers need to be more “realistic” about their outlook, local activity remains in a relatively solid place for both sides. “If you take Austin compared to a lot of other markets, we’re still doing well,” she said. “People are still buy- ing; people are still selling; people are still moving. It’s just the path to get there is so di erent than it was 18 months ago.”
Current listings
Pending sales
In the tight market of early 2022, the number of available homes dropped down to nearly match home sales. The gap between listings and sales has gradually opened as activity slowed. Months of inventory, or how long listed housing would take to sell, has been ticking up in Southwest Austin and Dripping Springs over the past year as the local market moves to more “balanced” conditions with equal opportunity for buyers and sellers.
1,259
1,500 1,000 500 0
417
286
317
2021
2022
2023
Months of inventory
3.2 months
1 0.5 0 2.5 2 1.5 3 3.5
0.3 months
2018 2019 2020 2021 2022 2023
For more information, visit communityimpact.com .
SOURCES: AUSTIN BOARD OF REALTORS, REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY COMMUNITY IMPACT
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