The Austin area is projected to see a dramatic swing from a sellers' market to a buyers' market by next July.
Author: Britny EubankPublished: 11:08 AM CDT August 31, 2022Updated: 5:41 PM CDT August 31, 2022
AUSTIN, Texas — A new real estate forecast projects a massive shift for the Austin market by next summer.
The Knock real estate platform says that by July 2023, the Austin metro area is expected to see the most dramatic swing from a sellers' market to a buyers' market among the 100 largest metro areas in the U.S.
"Sellers are more willing to take offers from buyers that are not asking or above," said Knock CEO Sean Black.
According to a report from CultureMap Austin, in a buyers' market, sellers typically accept a lower price than they listed their houses for, while the opposite is true in a sellers' market. Knock's forecast shows that the Austin area is projected to have the lowest sale-to-list ratio in July 2023.
"More of a balanced dynamic between buyers and sellers and, over time, tipping more toward buyers," said Black.
Knock predicts that the median home price in the Austin area will be $594,893 in July 2023. According to the Austin Board of Realtors, the median price was $515,000 in July 2022. That would mean a 15.5% jump in a year, if Knock's prediction holds true.