Housing inventory is on the rise in Leander and Cedar Park, while median home prices continue to decrease, according to Austin Board of Realtors February data. The cities had 1.7 months of inventory in February, more than tripling compared to 0.2 months of inventory in February 2022. Homes spent an average of 82 days on the market, while they were on the market an average of 24 days last year in February. This increase in supply fuels growing confidence in the market from Realtors and homebuilders throughout Central Texas.
The median home price in Leander and Cedar Park was $480,500 in February—a 10.19% drop compared to $535,000 in February 2022. Experts said lower home prices and rising housing inventory signal a stabilizing market. Homebuilders have gained more confidence in the stability of the housing market, evidenced by fewer cancellations and minimized supply shortages.
Though the market is cooling and confidence is growing, affordability is still very critical. Buyers are still being priced out of the market. Incentives, down payment assistance programs, and anything that increases housing accessibility are very important right now. There is still plenty of work to do to address systemic issues in affordability, accessibility, and missing-middle construction.
