AUSTIN, TX – Austin-Round Rock’s MSA saw a decline in residential home sales, while an uptick in housing inventory coincided with a new all-time high for median selling price, according to the Austin Board of REALTORS March 2022 Central Texas Housing Report.
“Rising house prices along with national inflation and rising interest rates can inject caution into the market, so it is important to remember that we are still experiencing a very active housing market driven by a real demand, not by investor speculation,” said Cord Shiflet, ABoR 2022 President, mentioned. “More homes are being listed and sold in Austin than ever before, and people are buying these homes because they need to live there. The Austin area urgently needs more housing of all housing types and price points, so the increase in housing inventory and the number of homes on the market last month was a welcome sign.
In March, residential home sales fell 5.9% year over year to 3,302 completed sales as the median price rose 22.6% to a new all-time high of $521,100 .
Dollar sales volume rose 10.3% to $2,130,213,961 as new listings fell 1.2% to 4,150. Active listings jumped 46.1% to 1,731 listings, which increased housing stock from 0.2 months to 0.5 months of stock.
Pending sales fell 11.1% to 3,597 listings and listings spent an average of 21 days on the market, six days less than in March 2021.
Lila Valencia, City of Austin Demographer, shared her perspective on Austin’s population growth and its impact on the housing market.
“According to Census Bureau population estimates for 2021, Austin is experiencing a net growth of 146 people per day. This type of growth places an immediate and significant demand on infrastructure, especially housing. When a person or family moves to Austin, finding a home is at the top of their agenda. The Last Austin Board of REALTORS data shows strong growth in the housing market in Bastrop and Caldwell counties, a sign that people need to look further from the city center, which has implications not only for local housing markets in these areas, but also for public transit and transportation and access to other amenities and services. » Shiflet added that rising mortgage rates across the country are an added complication in an already complex housing market, stressing the importance of working with a real estate agent.® that can help buyers and renters fully understand their options.
“Higher interest rates do not automatically mean lower house prices, especially in a high-demand market like ours. For people who are on the edge of being able to afford this monthly payment, rising mortgage rates can make it even harder. An experienced real estate agent® can guide you through the home buying process, connect you with available financing options and down payment assistance programs, and help you determine ongoing costs of ownership of a particular property.
In Hays County, March home sales fell 2.6% to 409 sales, while dollar sales volume rose 21.4% to $234,574,514. The median home price jumped 27.6% to $440,000. During the same period, new listings decreased by 10.2% to 482 listings, while active listings increased by 50.6% to 268 listings. Pending sales fell 6.0% to 452 pending sales as home inventory rose 0.3 months to 0.7 months of inventory.
City of Austin
In March, home sales fell 6.3% to 1,048 sales, while dollar sales volume rose 9.6% to $809,687,300. At the same time, the median price rose 22.4% to $624,000, an all-time high for the city of Austin. Last month, new listings fell 7.5% to 1,316 listings, active listings increased 20.3% to 533 listings while pending sales fell 18.7% to 1,128 sales in waiting. Monthly housing inventory increased 0.1 months year over year to 0.5 months of inventory.
In Travis County, home sales also fell 7.1% to 1,615 sales, while dollar sales volume rose 4.3% to $1,215,615,940. Last month, the median price in Travis County rose 22.8% year over year to $600,500 as new listings fell 4.5% to 2,048 listings and listings registers increased by 32.1% to 873 registrations. Pending sales fell 18.3% to 1,696 as monthly home inventory rose 0.1 months year-over-year to 0.5 months of inventory.
Home sales in March fell 3.0% to 1,115 sales in Williamson County. Dollar sales volume increased 18.8% year over year to $604,628,462. The median price rose 22.5% to $490,000 as new listings fell 0.8% to 1,344 listings. During the same period, active listings soared 66.5% to 428 listings, while pending sales fell 7.7% to 1,219 pending sales. Housing inventories rose 0.2 months to 0.4 months of inventories.
In March, Bastrop County home sales fell 27.3% year-over-year to 120 sales, while dollar sales volume rose 9.1% to 56,760 $430. The median price also rose 46.9% to $405,500 as new listings rose 48.5% to 196 listings. Active listings climbed 109.8% to 128 listings and pending sales increased 13.2% to 154 pending sales. Housing inventories rose 0.5 months to 1.0 months of inventory.
In Caldwell County, March home sales rose 19.4% to 43 home sales, and dollar sales volume rose 38.7% to $16,766,237. The median home price rose 31.2% year over year to $329,000. At the same time, new listings increased by 150% to 80 listings, while active listings also increased by 21.4% to 34 listings. Pending sales rose 130.3% to 76 pending sales, and home inventory rose 0.1 months to 1.0 months of inventory.
ABOR_Stats – 15-04-2022
For more information or to download the March 2022 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.