The market slowdown continues across Austin and while pricing appears to remain strong in the luxury space, it is coming down after peaking in Q1 this year. Looking at quarterly data, you can see that in Tarrytown both median sold price and median sold price / sq ft peaked in Q1 and have retreated some since then.
I just want to highlight the relative stability of these trend lines up to the Covid era (early 2020). The question is what happens to that trend line now. Does it flatten, or does it go down?
Looking at the year-to-date numbers compared to prior years, though, the market is still showing strong price appreciation over 2021.
A few highlights:
- Median sold prices and sold $ / sq ft are up over 35% vs. the same period in 2021
- The median sold price in 2022 YTD exceeds $2.3M. Amazing, as I can remember when we crossed the $1M threshold for good in 2017.
- The number of transactions YTD is down ~30% vs. 2021, and that is no longer being driven by a lack of inventory… Tarrytown inventory stands at 15 months at the moment (45 active listings and 3 sales in the last 30 days) based on MLS
- Days on market are consistent with 2021 and suggest a very hot market, but looking at the 45 active listings right now, the median days on market is ~50 days, so things are sitting longer.
- There are currently 4 pending transactions in Tarrytown, 3 of which will likely close in November, and we are moving into what is generally the slowest time of the year.
Lastly, just to make you feel a little better that even if the market cools a bit, and yes maybe you missed the absolute peak of the market… you have still seen massive appreciation in the last few years.
If you would like help making sense of the market and what to expect… and it is not too early to begin thinking about a plan for selling in the spring, please reach out and I would love to give you some perspective on the market and your home’s potential market value (and how to maximize it).
Note: All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through October 31, 2022.
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