Housing market shift: Austin forecasted to favor buyers over sellers
Are you thinking about buying a home in Austin Texas? If so, now is a great time to buy because of a variety of factors which has shifted the market from being a sellers market, to a buyers market.
How long will the current market conditions last? Recent reports indicate that the current state of the ATX real estate market will continue to favor sellers on into 2023.
Why it’s A Good Time To Buy
Knock.com uses its Buyer-Seller Market Index to measure the degree to which the nation’s largest and most active housing markets favor buyers or sellers. The index combines six common housing market measures, covering six years of monthly data between January 2017 and July 2022. The index observes the trends and forecasts housing market conditions 12 months from now.
At the beginning of 2022, Knock.com says all markets favored sellers at historic levels. In June and July 2022, the market dipped below those historic peaks and moved toward buyers for the first time since May 2021.
What does this mean? Knock.com says this signals that while median sale prices have continued to rise across the nation, overall price growth has started to slow. At the same time, the number of homes sold and the likelihood a buyer will pay more than the list price are going down. The time it takes to sell a property and the inventory of homes available are also increasing.
Though most markets still favor sellers, Knock.com says that nearly all the 100 largest metropolitan area housing markets moved toward favoring buyers when compared to July 2021.
Search For A Home In Austin Texas
Are you ready to search for a home in Austin Texas? If so, I can assist you with finding the right property regardless if it’s your first single family home or an investment property.
To start your home search, I invite you to contact me today by clicking here or call me at (512) 944-7378.