Let's dive into Austin's housing market to see what's been happening with house prices from May 2022 to March 2024. We'll review the ups and downs of the market to give us some clues about where things might head next.

A Quick Overview of the Past Two Years : Starting off in May 2022, the median house price was $550,000. From there, we saw a pretty steady drop in prices for a while. By February 2023, prices had dipped to $435,000, marking a significant decrease. This period was tough, with prices dropping by around 21% from the starting point. But then, things started to look up. Prices began to climb again, reaching $475,156 by June 2023. However, this growth wasn't steady, and prices went through a few more ups and downs before hitting a low of $420,000 in November 2023. Yet, by March 2024, we saw prices climbing back up to $455,000.

Taking a Closer Look at Recent Changes : Focusing on the more recent months, from the end of 2023 to early 2024, there's been a bit of a roller coaster. After a dip in January 2024, prices started to pick back up in February and March. This kind of fluctuation shows that the market is trying to find its footing again after the earlier drops.

What's Behind These Changes? Several factors influence house prices, like changes in the economy, how many houses are for sale, and how many people want to buy. The drop in prices we saw is due to tougher inflationary times and changes in interest rates. But the recent signs of recovery could mean the market is starting to balance out again.

So, Are Prices Still Going Down? It looks like the worst of the price drops might be behind us. The latest data shows prices beginning to rise again, suggesting that the market might be moving toward a more stable state. This could be good news for buyers looking for a deal and sellers hoping for better prices. However, the housing market can always change, influenced by bigger economic trends or local demand. It's important for both buyers and sellers to keep an eye on these trends and think about how they fit into the bigger picture.

Wrapping Up : After a rough patch, the Austin housing market is showing signs of improvement, with prices starting to climb again in the early months of 2024. Whether this upward trend will hold is still up in the air, but for now, it seems like things are getting better.​

Current Market Insights : Market Update / Insight & Statistics