Austin real estate news from Doreen for January is here. In 2022, the median price for a home in the Austin-Round Rock MSA set a new annual record of $503,000, according to the December 2022 and Year-End Central Texas Housing Market Report released by the Austin Board of REALTORS®. Despite this record, the housing market continued shifting towards buyers as home sales declined and inventory increased, with homes on the market for 31 days, 11 days more than in 2021.
Austin Real Estate News for Austin – Round Rock MSA shows Central Texas housing market set price records, and shifted towards buyers in 2022
“After two years of unprecedented demand, activity, and price increases, our housing market began to stabilize in 2022,” Ashley Jackson, 2023 ABoR president, said. “Signs point to that trend continuing in 2023 even as interest rates fluctuate, so buyers need to date the rate and marry the house. Bidding wars have subdued as homes on average sold for only less than the original listing price in 2022, but as we head into what is normally a seasonal peak for sales, today will still be the most cost-effective time to buy a house. It is important to remember that we still have a desirable and sought-after market, it is just that now we are seeing our market return to a more normal level of high demand and activity than what we experienced in the years leading up to the COVID pandemic and subsequent boom in our market.”
2022 set a record for the annual median price for a home at $503,000 in the Austin-Round Rock MSA
Mark Sprague, state director of information capital for Independence Title, pointed out that economic factors, including increasing construction costs, supply chain, and labor issues that could take years to return to normal, could cause inventory to fall in the coming year.
“Even with the inventory gains made in 2022, our region still needs more housing. This need could be exacerbated as builders and developers continue to recover after overextending themselves nationally and increasing interest rates lessen people’s buying power. We could see 15-20% less inventory in 2023 as builders scale back their housing starts.”
Housing inventory almost quadrupled to 2.7 months of inventory year over year for the Austin-Round Rock MSA and the City of Austin. Keep in mind there is still a long way to go before a balanced market with six months of inventory is available.
Austin Real Estate News for all of Central Texas all counties that make up the Austin Central Texas Realty Information Service (ACTRIS) and Austin – Round Rock Metropolitan Statistical Area are hovering at three months of inventory.
Austin real estate news statistics for December 2022
Months of inventory are calculated by taking the number of homes listed for sale and dividing it by the average amount of homes sold per month within a 12-month period.
Here is the breakdown of Austin Round Rock MSA December median sold prices and year-over-year price increases. This data was originally reported in the latest Austin Board of Realtors Central Texas Housing Report.
🔑City of Austin —$525,250, down 4.5% year over year
🔑Travis County — $520,000, down 2.8% year over year
🔑Williamson County — $439,250, down 0.4% year over year
🔑Hays County —$427,700 up 5.5% year over year
🔑Bastrop County — $360,000, up 4.3% year over year
🔑Caldwell County — $313,990 up 6.5% year over year
Median Single-Family House Sold Prices for Austin, West Lake Hills, Round Rock, Leander, Elgin, Cedar Park, Buda, Kyle, and Dripping Springs
These are December’s median sold prices for single-family fee-simple houses in Austin and the surrounding cities. I ran these numbers using MLS data from the Austin Board of Realtors. Data is for single-family houses (no condos).
Data compiled by ACTRIS© Matrix data through ABoR. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.
Austin real estate news for the City of Austin Condo Market
The below graphic focuses on the zip codes that had the most sold inventory. This Austin real estate market report was run on 1/17/23 and was compiled from a total of 44 listings. The report includes all types of residential condos, whether free-standing (detached), tower, townhome-style, or duplex. All types of condo regimes were included in this report. A condo dollar tends to go a little further in what it will afford someone over a fee-simple home. In some locations, condominiums can prove to be a cost-effective alternative.
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