Real Estate Report
Austin metro's home price is flat for the first time since 2019, report says
The Austin housing market is normalizing, and for the first time since before the pandemic, metro home prices are not on the rise.
According to the Austin Board of Realtors' latest monthly report, November 2022 marked the first time since February 2019 that the median home price for the Austin-Round Rock metro area was flat. The metro's median registered at $467,955 last month, the same as November 2021, meaning 0 percent year-over-year growth.
At the same time, housing inventory nearly quadrupled from last year, to 3.1 months at the metro level, and the average time spent on the market grew to a whopping 58 days, leading to further market stabilization.
At the city level, Austin actually saw a drop in its median home price, down to $530,000, compared to $550,000 in October 2022. Austin homes were on the market for 48 days, up from 21 days last November. The city now boasts 2.6 months of inventory, compared to just 0.7 months a year ago.
Travis County's median price grew to $529,000 in November 2022, up from a year ago, but down from October 2022, when it sat at $544,950.
This is the first time since spring 2020 that ABoR's monthly report did not have record-breaking figures for home sales or price growth, the organization notes. In fact, the November report indicates "normal market activity could be here to stay."
“It’s a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap,” says Cord Shiflet, ABoR president, in a release. “This healthy competition creates an opportunity for homebuyers, who may have struggled within the past two years, to take their time and find a home they love.”