AUSTIN, TEXAS ~ September 2022 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the fourth 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.
Cord Shiflet, 2022 ABoR President, said: "We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas."
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 162% to 9,671 which is the highest number of active listings in the MSA since July 2011. In addition, the median sales price increased by 5% to $470,000 with home price growth of less than 6% for just the second time since June 2020 (the first time was August 2022). Average days on market increased by 23 days to 40 days.
What decreased? Pending sales decreased by 29% to 2,365, closed sales decreased by 18% to 2,992, and new listings decreased by 3% to 3,967.
September housing inventory rose by 2.1 months with just 3.1 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 by 230% to 3,245, the median sales price rose by 5% to $455,000 and average days on market increased by 25 days to 41 days.
What decreased? Pending sales decreased by 35% to 786, closed sales decreased by 19% to 1,006 and new listings decreased by 8% to 1,196.
Inventory rose by 2.3 months to 3.1 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 despite the fact that homes are trending to remain 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.
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 home growth/appreciation. 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 as well as connect you to my lending network which can assist with financing options.
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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