78749 Real Estate Market Update: What the Last 90 Days Tell Us
The 78749 housing market continues to be one of the more interesting markets in Southwest Austin. Looking at everything currently active, under contract and pending, along with the 113 homes that closed over the last 90 days, the market isn't necessarily slow, it's just more selective. The median closed price was $575,000, while the average was about $588,000. Closed homes sold for an average of 98.7% of their list price, so buyers are getting some negotiating room, but we're definitely not seeing sellers universally give their houses away.
The biggest thing that jumped out at me was time on market. The median closed home went under contract in just 13 days, but the average was 32 days, with a few extreme outliers stretching well into the hundreds. Meanwhile, the 87 homes currently active have already averaged 60 days on market, with a median of 48 days. That's a pretty big disconnect. It tells me the houses buyers want are still moving relatively quickly, while overpriced homes, properties that need work, or homes with some kind of compromise are accumulating on the market. We see this constantly right now: buyers can look at 20 houses that have been sitting for weeks and then suddenly the one everyone likes hits the market and has multiple offers.
There were also some pretty incredible individual sales. The highest sale in this group was a Circle C home on Carrington Drive that closed for $1.15 million. We also had homes reach $1 million in Bannockburn, $950,000 in Village at Western Oaks and $930,000 in Legend Oaks. On the other end, the lowest closed sale was $275,000, which was a Westcreek condo. Price per square foot was all over the map as well, the closed average was about $297 per square foot, but individual sales ranged from roughly $183 to $455 per square foot. That spread is a great reminder that treating 78749 as one market doesn't really work. Neighborhood, condition, schools, lot, updates and even the specific street can dramatically change what buyers are willing to pay.
So where does that leave us heading toward fall? I think 78749 is actually healthier than the active inventory makes it look. There are 87 active listings compared with 22 active-under-contract and six pending, so buyers certainly have choices. But the closed data tells us that well-positioned homes can still move quickly and occasionally sell above asking. This isn't the 2021 market where almost anything with a roof received multiple offers. It's a market that rewards quality and punishes sellers who get too aggressive with price. For buyers, that means patience when a house doesn't check enough boxes but urgency when the right one finally does. For sellers, pricing and presentation matter more now than they have in years.
