Austin real estate news for November is here. October housing data continued its recent trend of more stable and sustainable appreciation, even while hitting $474,900—a record for the month of October. according to the latest Central Texas Housing Market Report released by the Austin Board of REALTORS®. The data indicates the continued return to normal activity. Inventory also rose to 3.2 months of inventory, half the amount of housing inventory needed for a market to be considered balanced.
Austin Real Estate Housing Market Statistics for Austin – Round Rock MSA
“Austin’s housing market is still growing, just at a different pace,” Cord Shiflet, 2022 ABoR president, said. “We’re entering the time of year that is historically a quieter time for home sales. With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before. Now is the time for homebuyers to sit down with their REALTOR® and walk through all possible financing and down payment options.”
Austin real estate news shows inventory supply is starting to give buyers choices
Dr. Jim Gaines, an economist at the Texas Real Estate Research Center, stated that the normalization of the Austin housing market was to be expected and is a similar trend happening across the nation.
“The 2021 housing market numbers we saw were an anomaly compared to previous years, so anything different from those numbers can appear significant. Homes that are coming on the market are not staying active for long, but they are also not flying off the shelves or going into a bidding war like they used to. That
the previous, hectic pace of home sales has stopped.”
Gaines added that Texas, specifically the Central Texas region, is well-positioned to weather any potential economic downturn.
“The desire to live in Central Texas remains high compared to other metropolitan areas in the state. The continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region place Austin in a unique position to weather any potential downturn.”
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 now showing three months of inventory.
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 a breakdown of Austin Round Rock MSA October 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 —$555,000, up 3.8% year over year
🔑Travis County — $544,950, up 5.8% year over year
🔑Williamson County — $460,000, up 7% year over year
🔑Hays County —$405,000 up 1.5% year over year
🔑Bastrop County — $365,138, up 10% year over year
🔑Caldwell County — $319,000 up 9.8% 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 October’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.
City of Austin Condo Market Snapshot
The below graphic focuses on the zip codes that had the most sold inventory. This Austin real estate market report was run on 11/10/22 and was compiled from a total of 58 listings. The report includes all types of residential condos whether they are 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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