Austin Texas Real Estate Report – May 2022
With May quickly drawing to a close, it’s important to take the time to look back on how the Austin Texas Real Estate Market is doing, and what we can expect in the future.
As of May 30th, 2022, the medium price for a home in the Austin area is $639,000, up 20% from the previous year.
Between May 16-23rd, there were 596 new listings in Travis County, 161 in Hays County, and 398 in Williamson County.
Slight Decrease In Homes Sold Year-Over-Year
Is the Austin Texas real estate market finally starting to slow down? That’s anyone’s guess but if we look at the slight decrease of homes sold in Hay’s County (13%), some analysts are wondering if that could be what’s coming for the Austin area.
Besides the slight decrease in homes sold in Hay’s County, both Travis County and Williamson County continued to enjoy strong home sales during May 2022.
Housing Prices Have Increased 55% In Past Year
There’s no denying that we have a housing shortage nationwide, especially in the Austin area and that shortage, along with rising interest rates, has been responsible for a 55% increase in home values over the last year.
Lawrence Yun, Chief Economist with the National Association of Realtors predicts that home sales will decline by 9% nationwide it’s anyone’s guess if that decrease in sales will affect the ATX area as Austin continues to be one of the top relocation destinations nationwide.
Texas Ranks 30th Nationwide In Median Home Price
When it comes to affordability, you will be pleased to know that Texas is still an affordable place to live, especially when compared to states like California because the median home price in Texas is only $257,628 although it’s much higher in the Austin area.
The good news is that once buyers start looking just outside the greater Austin area, there are still plenty of properties to be found in the $150K, $350K, and $550K price ranges.
What are your real estate goals for 2022? Are you planning on buying or selling a home in Austin, or elsewhere in Central Texas? If so, I can help!
Contact me today at (512) 944-7378 or click here to connect with me online.