Central Texas Housing Report - December 2022
The real estate market continues to drift downward not just in Central Texas, but across the country. The stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end.
If you are looking to buy or sell a home in Central Texas, contact me via email or at 512-650-7300. If you prefer to read instead of watch, here are the chart and transcript.
In November, 1,072 resale homes closed in Travis & Williamson Counties which was down 54% from November 2021. The median price in November was unchanged year-over-year at $490,000. This is the first time we haven’t seen a price increase in a long time. It also marks an 18% decline from the peak median price of $600,000 that we hit in May. In real estate, the primary way we measure home values is with the median price. However, there are other numbers worth examining. The average price of a home increased by 2.3% year-over-year to $624,299. However, that is down 16% from the peak in May. The average price per square foot decreased by 1.7% to $297, and is down 19% from the May high-level mark.
The number of available homes in November was 5,189, up 172% from last November. During November, 1,372 new listings hit the market which is down 26% from last year.
The average sales price to list price ratio was 96.5%. For homes that closed in November, the average days on market was 50, up from 20 last year. The November sales ranged from a low of $110,000 to a high of $8,000,000.
The housing market in Central Texas and throughout the country continues to be at the mercy of inflation and the Federal Reserve’s response to it. Mortgage rates have come off their highs recently, currently sitting around 6.5% for a 30-year. December is historically the month with the fewest contracts written and I expect the same this year. But even though sales are down, homes are still selling. If your situation includes a sale or purchase of a home in the near future, I’d appreciate the opportunity to talk to you about it.
If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected]. Thanks for watching “How’s The Market in Central Texas.”
The stats I’ve cited are resale homes only in Travis and Williamson County classified as single family residential, condominium, or townhouse. This is different than the stats released by the Austin Board of Realtors which include all types of homes and also include Hays, Bastrop, and Caldwell Counties. Plus, their numbers include any new construction homes listed in the MLS.
Statistics based upon information from ACTRIS for the periods cited.