These are the important market stats you need to know about our area.
Are you considering buying, selling, or investing in real estate? If so, understanding how the market is performing is crucial to making informed decisions. The central Texas market is currently undergoing a correction after years of historical increases in home values. Today, we will focus on the three most active counties in our area: Travis, Williamson, and Hays counties.
Starting with Travis County, the average home price for a property at the beginning of the year was just over $658,000, which increased slightly to $675,000 in March. However, when compared to March of last year, prices were down 10%, and year-to-date they were down 6.3%. Additionally, the average days on market went from 67 to 72, and the sales-to-list-price ratio went up from 90.3% to 92.8%.
Moving on to Williamson County, the average home price at the beginning of the year was $484,000, which increased to $486,856 in March. However, when compared to March of last year, prices were down 10.1%, and year-to-date they were down 9.3%. The days on market stayed roughly the same, going from 85 to 82, while the sales-to-list-price ratio increased from 89.2% to 92%.
“Our market is going through a big correction.”
Lastly, Hays County saw the average home price start at $505,000 and decrease to $480,000 in March. Compared to March of last year, prices were down 18.7%, and year-to-date they were down 14.7%. The days on market increased from 82 to 97, while the sales-to-list-price ratio increased from 91.3% to 92%.
It’s important to note that the closed price to original list price percentages have increased slightly in recent months compared to the beginning of the year. This is likely due to sellers being more realistic about their prices and sold data being 30 to 45 days behind current market trends.
While the market correction has led to higher days on market and a softening of prices, it also presents opportunities for buyers that haven’t been present in a few years. It’s important for sellers to work with experienced Realtors who understand the newest marketing and negotiation strategies to ensure they get the most for their homes. If you want more information, don’t hesitate to reach out. You can call or email us anytime.
