It has been a few months since I have shown an update on the Dripping Springs real estate market! Here are the stats for the last 30 days from stats pulled from the Austin Board of Realtors MLS for the Dripping Springs ISD market area.
Homes for sale in DSISD: 389
Pending home sales: 117
Closed in the last 30 days: 78 (14 new construction)
Months of inventory: 5 months
Average closed price: $811,198 with an average of $278/sq ft
Average days on market: 89
List price to close price ratio: 97.8%
Here is a chart pulled from Texas Realtors market research. Their data is always lagging about 6 weeks, but you can see that inventory is growing with 5.6 months of inventory for single family homes in DSISD.
The rental market has also had more inventory and a good price decline this year as more homes have decided to try to rent for a year or two if they didn’t sell in the last 6 months.
Rental market in DSISD
Active rentals: 68
Pending: 18
Closed in the last 30 days: 31
Average monthly rent: $3298, $1.41/sq ft
The biggest culprit to the price declines is mortgage rates staying elevated for longer than expected which has decreased buyer demand due to unaffordability. We anticipated 3-4 rate cute beginning in March and now they are expecting only 1 before the end of the year. This, along with rising insurance and property tax costs has moved more sellers to list their homes and conditions have brought on a buyers market in the Austin area.
This could be a great time to purchase a home! If you are looking to buy or sell real estate in the Dripping Springs area then I would love to talk more with you! Just give me a call at 512-569-8480 or email me at laurenclark@magnoliarealty.com
