$555,000 Austin median home price in October, 4% jump
Prices are still rising but leveling off as inventory continues to increase
The median home price across the Austin metropolitan area hit over $479,000 in October, a new record, but market experts say it is beginning to stabilize as housing inventory grows and costs level off.
In August, sales dollar volume fell almost 25 percent to $1.3 million, as new listings declined 13 percent, according to the Austin Board of Realtors Central Texas Housing Market Report. The median price increased almost 5 percent in October and set a new monthly record, while the data show housing inventory across Austin is at 3.2 months which is halfway to what would be considered a balanced market, the report states.
“Austin’s housing market is still growing, just at a different pace,” said Cord Shiflet, Austin Board of Realtors president. “We’re entering the time of year that is historically a quieter time for home sales. With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before.”
Pending listings dropped 40 percent in October, and as inventory increased, homes spent an average of 47 days on the market, up from 26 days over the same period in 2021, the report shows. Realtors and brokers across Texas are utilizing strategies like mortgage rate buy-downs to help offset market slow down as interest rates have recently climbed over 7 percent.
Steadying of the Austin market and other metros across the county is to be expected, said Jim Gaines, an economist at the Texas Real Estate Research Center.
“The 2021 housing market numbers we saw were an anomaly compared to previous years, so anything different from those numbers can appear significant. Homes that are coming on the market are not staying active for long, but they are also not flying off the shelves or going into a bidding war like they used to,” Gaines said. “That previous, hectic pace of home sales has stopped.”
Central Texas is uniquely suited to avoid an economic downturn compared to other parts of the country, he said.
“The continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region place Austin in a unique position to weather any potential downturn,” he said
- Residential data across Central Texas
In the city of Austin, home sales decreased 41 percent to 613 sales, while sales dollar volume decreased 35 percent in October. At the same time, median price rose 3.8 percent, setting a record for the month of October of $555,000. - In Travis County, home sales decreased 33.4 percent while sales dollar volume decreased 28 percent in October. Median prices in the county rose 5.8 percent to $545,000 in August as new listings decreased 19.4 percent.
- October home sales decreased 33.3 percent in Williamson County but median price increased 7.0 percent to $460,000 as new listings dropped 12.8 percent. During the same period, active listings soared 245.9 percent to 3,210 listings across the county.
- In Hays County, October home sales decreased 13.5 percent and sales dollar volume decreased 12.7 percent. The median price for homes rose 1.4 percent to $405,000. During the same period, active county listings grew by 193.9 percent to 1,308.
- Bastrop County home sales increased 8.2 percent in October while sales dollar volume also rose by 25.5 percent. Median price increased 10 percent to $365,138 as new listings rose 12.5 percent. County data showed 3.8 months of inventory, the highest level of inventory across Central Texas.
- In Caldwell County in October, home sales increased 9.1 percent and sales dollar volume dropped 12.2 percent. The median home price rose 9.8 percent to $319,000.
All data is sourced via the October 2022 Central Texas Housing Market Report.