The Central Texas housing market has seen a shift towards a more balanced environment in Q1 2023, according to the latest data from Texas Realtors’ Quarterly Housing Report. The number of active listings and the average number of days that homes spent on the market increased compared to the same quarter last year. The median sales price reached $326,800, a slight 0.6% increase compared to Q1 2022. In total, almost 72,500 homes were sold, with more than half of them falling within the $200,000-$399,000 price range.
With homes staying on the market for an average of 64 days before going under contract, buyers now have more time to consider their options before making a purchase, as opposed to the quick turnaround times seen in previous quarters. The months of inventory increased, climbing from 1.1 months to 2.7, indicating a healthier market for both buyers and sellers.
These changes demonstrate the adaptability of the Central Texas real estate market as it adjusts to meet the needs of a growing and diverse population. As new residential developments continue to enter the market, Yee=Haw Development Marketing Group stays committed to providing clients with the latest information and industry insights. For further information on the Central Texas housing market, be sure to read Texas Realtors’ [2023-Q1 Quarterly Housing Report](https://www.recenter.tamu.edu/news/newstalk-texas/?Item=29080).