AUSTIN, TEXAS ~ August 2022 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the third consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend boosted by a more sustainable rate of price growth and more available supply. Active listings in the five-county area skyrocketed 170.2%, causing housing inventory to reach 2.9 months – the highest inventory level since September 2018. Additionally, year-over-year home price growth was less than 6% for the first time since June 2020.
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."
Let's take a closer look at the year-over-year highlights for the Austin-Round Rock MSA and Williamson County. In the Austin-Round Rock MSA:
What increased? Active listings rose 170% to 9,045, the median sales price increased 5% to $496,039 and average days on market increased by 17 days to 31 days.
What decreased? Closed sales decreased 23% to 2,924, pending sales decreased 23% to 2,877 and new listings decreased 6% to 4,121.
August housing inventory rose by 2.0 months with just 2.9 months available which still remains well below Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market.
Heading north to Williamson County:
What increased? Active listings rose 211% to 3,139, the median sales price rose 8% to $475,000 and average days on market increased by 19 days to 31 days. New listings were essentially flat at <1%.
What decreased? Pending sales decreased 28% to 929 and closed sales decreased 25% to 963.
Months of inventory rose 2.1 months to 3.0 months of inventory. As with the greater Austin-Round Rock metro, this is still below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
What does this activity mean for those looking to make a real estate move in the Austin area?
If you're selling you're still in a great position to make a timely move! Contact me and I can provide you with a complimentary, current competitive market analysis for your home which will help you best understand what your home is likely to sell for given our fast-paced market.
If you're looking to purchase a home or investment property, my expertise and large Keller Williams network is helping connect sellers and buyers even before homes hit the market. If you'd like to speak with my clients who have recently closed or who are under contract, I'm happy to provide you with their contact information.
Ready to make your next real estate move? Contact me and let's discuss your goals and the current market conditions and let's set a plan into action to leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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