AUSTIN, TEXAS ~ 2022 year-end housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the seventh consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with more available inventory but with a Texas twist; for the second consecutive month in a row, the Austin-Round Rock MSA median sales price did not increase - it actually declined 3% versus 2021. In Williamson County, the median sales price declined 0.4%. For all of 2022, the median price for a home in the Austin-Round Rock MSA set a new annual record of $503,000, as home sales declined 18.3% to 33,547 homes sold last year and inventory increased, with homes on the market for 31 days, 11 days more than in 2021.
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 by 275% to 7,493, and average days on market increased by 47 days to 73 days. Housing inventory increased by 2.1 to 2.7 months available which still remains well below the Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market.
What decreased? Closed sales decreased by 31% to 2,435, pending sales decreased by 22% to 1,949, and new listings decreased by 15% to 1,828. The median sales price decreased by 3% to $457,426.
Heading north to Williamson County:
What increased? Active listings rose by 374% to 2,549, and average days on market increased by 52 days to 75 days. Months of inventory rose by 2.2 months to 2.7 months of inventory. As with the greater Austin-Round Rock metro, this is still well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
What decreased? Pending sales decreased by 22% to 676, new listings decreased by 22% to 595, and closed sales decreased 21% to 927. The median sales price decreased 0.4% to $439,250.
What does this activity mean for those looking to make a real estate move in the Austin area?
If you're looking to purchase a home or investment property, now is a good time to take advantage of the rising supply coupled with the softer median home price. 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. If you're looking for financing options, I can also connect you to my trusted lending network which can help you explore options - estimates are free!
If you're selling you're still in a solid position to make a timely move despite the fact that there's increased competition and homes are remaining longer on the market than a few months ago. 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 the changing dynamics of the Central Texas real estate market.
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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