January has been another busy month for real estate in Austin. While the number of new listings has dipped for the Austin-Round Rock MSA, the median sales price has increase by 30% and average days on the market have decreased by 6 days compared to January 2021.
This represents the second-most active January recorded with Austin Board of Realtors and the median sales price sets a record for January with $476,000.
The median sales price breaks out to be the highest for Austin City with $550,000 followed by Travis County and Williamson County. But sharp YoY increases are seen across the board with Bastrop County showing a 50% increase in median sales price in January 2022 compared to January 2021.
Months of inventory hovers between 0.3 and 1 month for all counties, indicating that it's still a very strong sellers market.
Abor's Central Texas Housing Market Report quotes Scott Turner, president of the Home Builders Association of Greater Austin: “Austin’s unprecedented economic growth shows no signs of stopping, with announcements of new projects almost daily. While this is great for Austin long term, our capacity to house people cannot keep up, with people having to drive further outside city limits to find a home they can afford. While demand is higher than ever, supply chain issues are contributing to the slowing rate of construction. It is harder than ever for builders to complete homes on time due to a lack of both materials and labor. It takes almost twice as long to build than it did pre-pandemic, so we are building less housing per year, despite our best efforts.”
