Austin Housing Market Experiences Cooling Trend Amid Economic Shifts

Recent data from the Austin Board of Realtors indicates a cooling trend in the local housing market. For the first time in several years, home prices have seen a slight decrease, with the median home price dropping by 2.5% year-over-year to $540,000. Additionally, the number of active listings has increased by 18%, giving buyers more choices and reducing the competitive pressure that defined the market in recent years. This shift is attributed to rising mortgage rates and broader economic uncertainties, which have tempered buyer enthusiasm and allowed inventory levels to recover. As a result, homes are staying on the market longer, with the average days on market increasing to 45 days, compared to just 27 days last year. These changes reflect a more balanced market, providing a window of opportunity for buyers who were previously priced out.