The Central Texas real estate market is undergoing significant changes, particularly in Georgetown and San Antonio. With home prices declining and properties remaining on the market longer, understanding these trends is crucial for both buyers and sellers. This blog will explore the numbers and what they mean for those navigating these markets.

In Georgetown, home prices across all three ZIP codes dropped between 5.8% and 6.1% in August. Specifically, homes in the 78628 ZIP code, which still have the highest average prices at around $500,000, experienced a 20.69% increase in the average time to sell. These homes now take about 69 days to sell.

Meanwhile, in San Antonio, the real estate market has followed a similar trend. The average home price dropped by 3%, now averaging $372,024. Sales activity also decreased, with 3,017 closed listings, representing a 4% decline compared to the previous year. Additionally, homes in San Antonio are staying on the market longer. The average time to sell has increased by 12% and now takes about 65 days.

For buyers in both Georgetown and San Antonio, these price drops and longer time on the market could create more favorable conditions. There is likely to be less competition and more room for negotiation. If you’ve been waiting for the right time to purchase, this could be a good opportunity to find homes priced more reasonably than last year.

For sellers, these shifts mean it’s important to be realistic about home prices and willing to adjust expectations. In a slower market, pricing your home competitively and being open to offers is crucial to avoid having it stay on the market too long.

Georgetown and San Antonio’s real estate markets are showing similar patterns of declining prices and longer days on the market, which signals a shift from the high-demand, fast-paced market of previous years. Whether you are looking to buy or sell, understanding these trends can help you make better decisions based on the current conditions. Buyers can find opportunities, while sellers may need to adjust their strategies to successfully close deals in this changing environment.