AUSTIN, Texas — A new monthly market report for August 2023 by real estate tracker Zillow revealed that the typical value of a home for sale in Austin in July 2023 dropped more than 10% from the same period in 2022.
Zillow found that as the Austin area continues to grow, fewer people seem willing to put their homes on the market to sell. The report concluded that homeowners are “stubbornly holding onto their homes” rather than putting them up for sale.
According to Zillow, in the Austin area, the number of new listings coming on the market last month was almost 35% (more specifically, 34.7%) lower than July 2022.
Typical home values fell 0.5% from June to July and are now $477,502.
Home values in Austin have dropped just over 10.4% compared to a year ago.
Although the Austin Board of Realtors (ABOR) doesn’t comment on third-party real-estate reports like Zillow’s, ABOR President-elect Kent Redding said sellers and buyers who are on the fence should take the opportunity now to either list their home or make a purchase.
“If I’m a buyer in Austin, now is the time to buy. Our prices are down compared to the last 24 months and even though interest rates are high, it's still a good time to buy,” Redding said.
That 10.4% drop in home value in Austin from a just one year ago is the largest decrease among the 30 major U.S. cities tracked by Zillow.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.