As of December 2023, the real estate market in Austin showed a slight decrease in home prices, dropping by 0.43% from the previous year, with the median home price settling at $523,000. Homes in Austin are also spending more time on the market, with the average property taking 74 days to sell, which is notably longer compared to the 64-day average from the previous year.

Additionally, the number of homes sold in December experienced a decline, with 606 homes sold, compared to 673 in the same month last year. This trend indicates a cooling in the Austin housing market, suggesting a shift that could potentially benefit buyers, as they may find more negotiating power and a wider selection of homes.

The Austin housing market is experiencing a relatively low level of competitiveness. Properties typically remain on the market for an average of 71 days before selling. It's uncommon for homes to receive multiple offers in this environment. On average, homes are selling for approximately 4% less than the listed price, and it usually takes about 71 days for them to go under contract.

However, for highly sought-after properties, often referred to as "hot homes," the scenario is slightly different. These homes tend to sell closer to their asking price and may go under contract in a considerably shorter period, around 38 days. This trend suggests that while the overall market is less aggressive, there are still segments within it where demand is strong, possibly due to specific desirable features or locations of these 'hot homes.'

Regarding inbound migration, Austin attracted interest from across the country. Notably, only 1% of homebuyers nationwide were looking to relocate to Austin from other metropolitan areas. Among these, the highest interest came from San Francisco, making it the top source of potential new residents. This was followed by Los Angeles and Houston, indicating Austin's appeal to residents of other major cities.

As for outbound migration, most Austin homebuyers, making up 73%, showed a preference for staying within the local region. However, for those looking to move out of Austin, San Antonio emerged as the most popular destination. This was followed by Denver and Corpus Christi. This trend suggests a diverse range of relocation preferences among Austin residents, with some favoring nearby cities within Texas while others are considering moves to different states.