February 2022 Austin Market Update

February 2022 Austin Market Update

  • Portico Real Estate
  • 03/15/22

February continues the strong trend of 2022 with a record median sales price of $499,995 - a 27% increase to February 2021 ($395,000) and a significant jump from January 2022 ($476,000). 

While January 2022 shows a year over year decrease in sales volume, February's sales volume is up by 11% year over year with 2,581 closed sales. New listings and pending sales are also up year over year (new listings are up 10% and pending sales are up 20%).  This indicates that March could be just as strong as February with more listings in the pipeline. 

Compared to January, average days on market has stayed stable with 28 days - a 4 day decrease year over year - and months of inventory has increased to 0.4 months (up 0.1 months), still indicating a strong sellers market. 

All counties are seeing growth and Williamson County is leading the sales dollar growth with 78% year over year which is also accompanied by a median sales price increase of 33% to $479,000. 

Looking into what the market holds for buyers and sellers, mortgage rates (though anticipated to go up this year) and have currently stalled below 4% due to uncertainty in Eastern Europe. At the same time housing inventory is expected to stay low due to a number of factors - inflation rate is expected to continue to rise increasing labor and material costs, and global unrest and Covid could also have an impact on the construction supply chain. 

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