Austin Real Estate News September

Austin Real Estate News September

Austin real estate news market data for August showed the housing market continued to slow on price growth while still setting a record, according to the Austin Board of REALTORS® August 2022 Central Texas Housing Market Report. Median price grew by only 5.5% year over year to $496,039, a record for the month for the Austin Round Rock MSA but the first-time home price growth dipped below 6% since June 2020. The
region’s housing inventory reached 2.9 months — the highest level of inventory since September 2018.

Austin Real Estate Housing Market Statistics for Austin – Round Rock MSA

“I want to be very clear—market shift does not mean that we are in a downturn, and it doesn’t mean that Central Texas home values have been overvalued,” Cord Shiflet, 2022 ABoR president, said. “Home prices are still appreciating, just at a more reasonable rate, that’s more in line with what we have seen historically. Homes are still selling close to list price, which is great news for buyers and healthy for our housing market. If you’ve been thinking about selling your home, it’s important to work with a REALTOR® and make sure you’re pricing your property correctly in the middle of this changing market.“

Home Inventory still challenged for Austin and other Texas metros

While the Austin housing market is experiencing an increase in listings and inventory, Mark Sprague, state director of information capital at Independence Title, said that the biggest challenge in 2023 will continue to be inventory.

“Austin, along with the other Texas metropolitan areas, may continue to feel the effects of the previously unsustainable housing market due to the lack of inventory. We are just now getting up to three months of housing inventory, which is still short of the 6 to 6.5 months of inventory needed to be considered a healthy market.”

Austin Real Estate and 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 two-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.

Austin Round Rock MSA August median sold prices and year-over-year price increases as originally reported in the latest Austin Board of Realtors Central Texas Housing Report.

🔑City of Austin —$555,000, up 3.6% from a year earlier. 
🔑Travis County — $570,000, up 8.6% from a year earlier.  
🔑Williamson County — $475,000, up 8% from a year earlier. 
🔑Hays County —$430,675 up 9.9% from a year earlier. 
🔑Bastrop County — $400,000, up 20.1% from a year earlier. 
🔑Caldwell County — $331,044 up 10.2% from a year earlier.

Median Single-Family House Sold Prices for Austin, West Lake Hills, Round Rock, Leander, Elgin, Cedar Park, Buda, Kyle, and Dripping Springs 

These are August’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 

I ran this report focusing on the zip codes that had the most sold inventory.  This report was run on 9/14/22 and was compiled from a total of 79 listings.  This report includes all types of residential condos whether they are free-standing (detached), tower, townhome-style, or duplex.  All condo regimes were included in this report.  All things being equal, a condo dollar tends to go a little further than a fee-simple home.   In some locations, condominiums can prove to be a cost-effective alternative.

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