Austin Market Update – September 2022
We have officially entered the fall and temperatures in Austin are slowly getting more comfortable, many people visit Austin this time of year, and we are excited to share an Austin Market Update for September 2022. Inventory in the Austin Metropolitan area continues to increase and we are now at around 9,684 active homes, condos and townhomes, 4,781 under contract or pending, and 2,432 sold properties (for the last 30 days). We are at 3.98 months of inventory. We are also notice that more homes are selling for less than asking price. For instance, we noticed a home listed by a brokerage in Austin that was previously sold to the buyer by Opendoor at the beginning of this year, the buyer then needed to relocate and had to list the home for sale in September of this year. The home is now under contract for less than the asking price that it sold for at the beginning of the year. We also saw a home in Round Rock priced in the mid 300’s price range that was listed at a price we would consider fair and received multiple offers above asking price, this is not happening a lot but still does happen from time to time. Negotiation is back on the table and this market offers a good opportunity for investors with cash available and buyers who are ready to purchase.
Home Sales – Units Sold in September 2022
Home sales have decreased in September 2022 by 21.10% across the five-county area, whereas Travis County has had a 32.87% decrease and Williamson County a 22.43% decrease. The uncertainty of our economy is one of the contributors of the sales decreases and of course the time of year which has been historically slower than the spring season. Some real estate professionals believe that we are going to see a return to a normal market in the spring. Also many mortgage brokers are now offering a mortgage program called a 2-1 Buydown, in which the interest rate gets reduced by 2% the first year, then 1% the second year. To be able to get the Buydown the buyer will need to ask the seller to contribute money towards their closing costs. If you are interested in learning more about his type of loan, feel free to contact us and we will connect you with a couple of mortgage brokers who can explain this loan in more detail.
Average Sold Price in September 2022
The market saw a sold price increase of 4.26% this September when compared with the same time last year. The average sold price went from $582,582 in September of 2021 to $607,385 in the month just completed. Williamson County saw a price increase of 6.29% from $486,880 at this time last year to $517,513. Travis County saw a 5.16% increase from $698,567 to $734,592 in September 2022. We also saw the sold to list price ration come in at 97.70% in the five-county area and 98.18% in Williamson County.
Average List Price in September 2022
The overall market also saw an 8.30% increase in list price from this same time last year. The average list price went from $574,070 in September 2021 to $621,708 in September 2022. Williamson County again led the way with a 10.81% list price increase, from $475,712 in September 2021 to $527,117 in September 2022. Travis County had an 8.85% increase going from $693,102 to $754,425
See the below chart for additional information and feel free to ask for more detailed information on particular areas.
Austin News
The City of Austin recently approved full negotiations to transform a piece of city owned property on Red River into 232 units of affordable housing. The lease on the piece of property under negotiations will last for 99 years. The lease should be finalized in 2023 for a summer 2027 delivery of the affordable housing units.
Four Austin High Schools appeared in the latest rankings from educational review website Niche. Three local high schools and one private school made the grade among the states best high schools.
- Austin’s Liberal Arts and Science Academy was #2
- Westlake High School was #6
- Westwood High was #8
- St. Stephens (private school) was #8 among private schools
Check out the article for schools from around the state.
Keep in mind that real estate is hyperlocal, and everyone has different needs so please reach out to us if you have questions about your specific market or situation. We are here and love to help!