Steiner Ranch Housing Report - 2022 Year-End

The year-end report covers how the Steiner Ranch real estate market performed in 2022. 

Extra sales statistics mentioned in the video can be found here:
Price changes for each Steiner Ranch neighborhood.
Complete set of graphs with 5-year comparison data.

If you are looking to buy or sell a home in Steiner Ranch, contact me via email or at 512-650-7300. Previous editions of How’s the Market in Steiner Ranch are also available.  If you prefer to read instead of watch, here are the chart and transcript.

We started the year strong with tremendous price increases but peaked in May and saw the market quickly pull back. Let's get right into the stats.  First, I want to remind you that all of these figures are for resale homes only. The new construction homes in The Retreat, the final section of Steiner Ranch, are not included.

In 2022, 173 homes closed in Steiner Ranch which was down 38% from 2021. The median price of a resale home increased 16% to $940,000, the average price increased 18%. to $1,103,310, and the average price per square foot increased 18% to $333.83. In real estate, the bellwether measurement for home prices is the median price so when we talk about the price of homes in Steiner Ranch for 2022, we’ll say that the prices increased about 16%. But that doesn’t really tell the story, does it?

2022 was a tale of two different markets. We came out of the chute like a wild bull amassing about a 20% increase from January to May. But as inflation and the Federal Reserve’s response to it started to hit mortgage interest rates, the real estate market slowed down very quickly. Not just in Steiner or Austin or Texas, but across the entire country. The number of buyers quickly started to dwindle, inventories began to rise, and prices began to fall. So while the overall numbers show a 16% increase in home values this year, the $940,000 median price encompasses all the homes sold in 2022. Currently prices have come back down and we’ve eaten up most, if not all, of the gain from the first five months. It’s difficult to give an accurate number of the median price right now because few homes have in each of the last six months, so the monthly sales haven’t been a good representation of all the neighborhood – one month most the sales might be in entry-level neighborhoods and the next they may be in high-end neighborhoods so the stats are scattered all over the place. My opinion is that the median price for all of Steiner is around $850,000 right now – putting the total price increase for 2022 at around 2.5%.

As I stated earlier, only 173 homes closed in Steiner Ranch, a drop of 38% from 2021. That’s a huge decline. The last time we had so few resale homes sell in Steiner was 2004, but, of course, back then Steiner only had about 40% of the homes that it does now. Part of it is that fewer homes were listed for sale in the neighborhood – just 264, a drop of 10.5% from 2021. But most of it was the softening market.

Last year, the sale prices in Steiner ranged from a low of $527,000 to a high of $2,655,000. It’s been since March of 2021 that a home in Steiner sold for under $500,000, but I expect we will see it again soon. Last year 40 homes sold under $750,000 while 79 sold for over $1 million. Even though prices have come down from the peak, what you get for $1 million now is very different than 2 or 3 years ago.

The sales price to list price ratio was 101.3%. Again – that’s for the whole year. For the second half of the year, it was 97.6%. For homes that closed in 2022, the average days on market was 27, up from 11.

Ultimately, the question is whether or not now is a good time to buy or sell in Steiner Ranch. My answer to this is always the same regardless of the type of market we are in – it depends upon your situation. Some people should buy now. Some should sell now. Some should wait a while for either. Your circumstances are unique and I would need more information to provide a proper answer. So if you are wondering, just reach out to me and we can have a conversation.

In addition to the stats we’ve discussed, I do have some more detailed statistics and graphs making comparisons back five years. You will find them at SteinerStats.com or linked wherever you launched this video.

Now it’s time for my predictions. First, let’s check to see how I did on my 2022 projections. I predicted that the number of resale homes sold in Steiner Ranch would decrease slightly, by 1.0 %, but we saw a 38% decrease instead. So, I wasn’t very close, was I? I also predicted that prices would increase by 14%. Since the median price rose by 16%, I actually got pretty close on that one. But let’s face it, I didn’t expect the market to decline so much so I wouldn’t really count this as great vision on my part. Frankly, I didn’t foresee the big run up in the market in 2021 or the big slow down this year. Which is why I prefer to just stick to analyzing current data. While I think it’s rather pointless for me to predict 2023, I’ll do it anyway. I expect the next few months to remain slow. Whether it can turn around in the second half will depend upon inflation and the Fed’s response to it. I’ll officially say a small increase to 184 homes sold which is above last year, but historically still very low. As for prices, I expect they’ll continue to come down. I predict a 5% decline for the year. Again, whether they turn up later in the year could go either way.

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 reading “How’s The Market in Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.