The Austin metro median sat 22.2% below its April 2022 peak in February 2023, at $439,495. Homes took a median of 85 days to sell, the longest stretch in this series so far. Active inventory stood at 7,818 listings, up 152.3% year over year. That made it a roughly balanced market.
Austin market statistics, February 2023
| Metric | February 2023 |
|---|---|
| Median sale price | $439,495 (-12.9% YoY) |
| Median price per sq ft | $221 (-13.1% YoY) |
| Homes sold | 1,958 (-11.8% YoY) |
| New listings | 2,197 |
| Active inventory | 7,818 (+152.3% YoY) |
| Months of supply | 4 |
| Median days on market | 85 |
| Sale-to-list ratio | 96.9% |
| Sold above asking | 12.6% |
| Listings with a price cut | 27.9% |
| 30-year fixed rate (avg) | 6.26% |
The Ice Storm That Took Austin’s Tree Canopy
An ice storm on February 1 knocked out power to more than 350,000 Austin Energy customers, some for a week, and destroyed a significant share of the city's tree canopy. If you bought a house in Austin in the following two years, the missing shade in some neighborhoods is why. Heritage trees are protected here and expensive to replace.
What changed since January 2023
The median fell $13,388 from January 2023, a 3.0% move. Time on market lengthened by 1 days, to 85. Active inventory shrank by 214 listings, to 7,818. The share of homes selling over asking gained 2.8 points, to 12.6%.
One month is noise. The reason to read it anyway is that direction shows up in inventory and days on market well before it shows up in price, so the months where those two disagree with the headline number are the interesting ones.
Where this month sits in the cycle
| February 2023 | January 2023 | February 2022 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $439,495 | $452,883 | $504,710 | range $255,626–$565,000 |
| Median days on market | 85 | 84 | 33 | highest since Oct 2016 |
| Active inventory | 7,818 | 8,032 | 3,099 | range 2,660–10,647 |
| Months of supply | 4 | 5.4 | 1.4 | range 0.9–5.4 |
| Sold above asking | 13% | 10% | 57% | range 10%–75% |
| 30-year fixed rate | 6.26% | 6.27% | 3.76% | range 2.68%–6.9% |
The right-hand column is the range this series has covered since October 2016. No forecast in it, just where February 2023 falls against every month that came before it.
If you are buying in Austin right now
4 months of supply is close to balance. You can inspect properly, ask for repairs, and walk away from a house that does not work, three things that were not available to Austin buyers between 2020 and mid-2022.
The average home sold for 96.9% of asking, so roughly 3.1% under list was the normal outcome, not an insulting one.
The payment math. At $439,495 with 20% down at 6.26%, principal and interest runs about $2,167 a month. Add roughly $732 for property taxes and $293 for insurance and you are near $3,193 a month all in. Texas has no state income tax and this is where the state collects instead, budget the tax line from day one, not as an afterthought.
If you are selling: 85 median days on market means your first two weeks decide the outcome. Price to the last ninety days of closed comps, not to what your neighbor listed at and did not sell. Condition and photography are doing more work now than they were two years ago.
Neighborhood in focus
Northwest Hills (78731). Highland Park, Mesa Park. Known for quiet, large lots, family neighborhoods. It fits families who want space and a central location.
The metro numbers above are an average of a very unequal city, Northwest Hills does not move in lockstep with Kyle or Leander, and the gap between ZIPs widens in exactly the months the metro looks calm. There is a longer, more honest write-up at /neighborhoods/northwest-hills/, including what is wrong with it.
On in Austin, February 2023
| When | What | Why it matters to a listing |
|---|---|---|
| Mid-February | Austin Marathon, Downtown / central | Road closures across downtown and central Austin from before dawn until early afternoon. The one Sunday of the year not to schedule a central open house. |
What is coming next
SXSW returns in March. The Legislature's tax relief negotiation runs through May, possibly into special session.
Common questions
What is a MUD district and why does it matter?
A Municipal Utility District is a taxing entity that finances water, sewer and drainage infrastructure in developments outside city utility service: common in Leander, Kyle, Buda, Manor and parts of Pflugerville and Dripping Springs. It levies its own rate on top of city, county and school, and can add a full percentage point or more to your effective tax rate. MUD rates typically decline as the district's debt is paid down, but that takes decades. It is the most common surprise in a suburban Central Texas closing, and it is disclosed, read the MUD notice.
How long are homes taking to sell in Austin?
A median of 85 days in February 2023. That is the number to watch if you only watch one, days on market turns before price does, in both directions. For reference, since October 2016 this measure has ranged from 16 days in May 2016 to 85 in February 2023.
What are the best neighborhoods in Austin for families?
It depends on what you are optimizing for, and anyone who answers without asking is selling you something. Broadly: Circle C, Steiner Ranch and Avery Ranch for space and schools; Mueller, Crestview and Brentwood for walkability with a yard; Westlake and West Lake Hills for Eanes ISD if the budget reaches; Hyde Park and Bryker Woods for older homes near central. There are honest write-ups of nine of these at theaustinlocalgroup.com/neighborhoods, including the parts that are not flattering.
I am moving to Austin from California. What actually surprises people?
Four things, in order of how much money they cost. Property taxes, which run roughly 1.8-2.5% and have no Proposition 13-style cap beyond the 10% homestead limit. Homeowners insurance, which is among the highest in the country because of hail. Summer utility bills in an underinsulated house. And foundations: much of the region sits on expansive clay that moves with drought and rain, so watering your foundation is a real practice here and a structural engineer's report is money well spent on any older slab home.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers February 2023; every figure is as reported for that month, and nothing in it looks past it.
Source: Redfin Data Center metro market tracker: single-family, Austin-Round Rock-San Marcos metro, not seasonally adjusted. Mortgage rates are the monthly average of the Freddie Mac Primary Mortgage Market Survey 30-year fixed rate. Payment, tax and insurance figures are estimates for illustration and are not a quote. Median sale price is not a guarantee of value for any specific property.
Written by Mike Vilece, a licensed Texas real estate agent with Compass in Austin. If you want the version of this that applies to your street and your budget, ask me directly.