In October, home prices rose slightly from the month before, with a median listing price of $579,450.<\/p>\n
The number of listings on the market shrank 4.5% from last month, which is a bigger decrease than normal for this time of the year in Austin, and homes are also selling close to the same pace as the same time last year.<\/p>\n
Home prices in Austin<\/p>\n
Typically, home price per square foot in Austin tend to rise in October. And the most recent data shows that the price per square foot increased by 0.6% compared with the month before.<\/p>\n
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in the Live Music Capital of the World are outpacing the national market.<\/p>\n
Austin inventory<\/p>\n
In October, there were 4,535 homes for sale in Austin, which was 4.5% less than the month before and 8.5% more than the same time last year.<\/p>\n
Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001.<\/p>\n
Time on market<\/p>\n
Homes in Austin take an average of 79 days to sell, according to October figures.<\/p>\n
This is the same as the previous month and two days more than the same month last year.<\/p>\n
For comparison, nationally homes spent an average of 63 days on the market in October.<\/p>\n