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Photo courtesy of The Modern Architecture + Design Society

Average home prices decreased last month while inventory remained flat, signaling that the Austin regional market needs more housing. The latest monthly report from the Austin Board of Realtors (ABoR) shows median home prices dropping 6.3 percent in January, marking the largest price decrease since July 2011.

According to the report, the current average home price in the Austin metro area is $450,000. But even with the price drop, homes spent an average of 76 days on the market, only three more days than in December 2022, but 47 days more than in January of last year.

Residential home sales last month declined 27.3 percent in comparison to January 2022, with new listings also seeing a 16 percent decrease year-over-year. However, new listings from December to January increased 63.4 percent to 2,988 homes. ABoR’s report says this trend shows sellers are finding more opportunities in the market, while also demonstrating more active buyers.

Ashley Jackson, 2023 ABoR president, warns that these recent year-to-year comparisons are occurring at an abnormal time in the market. She says January’s data demonstrates a “post-pandemic normal” for the Austin-Round Rock metro area.

“As we reset our expectations to reflect the information our realtor experts are seeing in real-time, we need to look at month-to-month trends to have a true sense of what is going on in the region,” she said in a statement.

Despite the median home price decreases in Austin and Travis County, surrounding areas like Caldwell and Hays counties are seeing the opposite. Jackson says the two outlying counties are “the most affordable pockets in Central Texas.”

“When we have a city like Austin challenged by affordability, the entry point in surrounding areas will slightly increase as people try and find neighborhoods they can afford,” she said.

She predicts rising interest rates and availability of affordable housing will be a much bigger challenge for consumers in 2023.

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CultureMap Emails are Awesome

Dip your toes into these 7 Austin pools with passes, snacks, and summer events; plus more top stories

hot headlines

Editor’s note: It’s that time again — time to check in with our top stories. From hotel pools, to museums, to a show-stopping Hill Country rental, here are five articles that captured our collective attention over the past seven days.

1. Dip your toes into these 7 Austin pools with passes, snacks, and summer events. The city is getting unreasonably hot again; It's time to start planning poolside hangs, which are even better with a cocktail.

2. Breathtaking Hill Country hideaway is one of Vrbo's top 10 vacation homes in the country. The retractable floor-to-ceiling glass windows are a nice touch in this $400-a-night house.

3. 6 Austin museums are offering free admission for military families all summer long. These organizations want to help military families spend more time together without breaking the bank.

4. Space-inspired screenings invade Austin Film Society ahead of Wes Anderson's upcoming release. Austinites looking forward to the June 16 release of Asteroid City can soak up the inspirations and watch a sneak peek screening.

5. Texas ranks No. 2 best state to start a small business in new report. The state's tax framework makes the finance side of running a business relatively easy.

4 Austin-inspired cocktail recipes to whisk you away from the Texas heat this summer

SIP SIP

Now that summer weather has arrived in Austin, we can tell you’re thirsting for some new drinks to try. And with World Gin Day coming up on June 10, we’re sharing a few recipes from local Austin restaurants (and Austin’s favorite Topo Chico!) we hope you’ll enjoy.

The following recipes feature some of our favorite ingredients or mixers we’re loving at the moment. Whether your drink of choice is a cocktail or mocktail, we’ve gathered four bright and bubbly beverages to help whisk you away from the Texas heat. And if you prefer to drink them rather than make them, three of these lovely libations can be found on the seasonal summer menus at their respective restaurant.

Aba’s Rhubarb Rose Gin and Tonic
This cocktail was created by Senior Beverage Manager Thomas Mizuno-Moore.

Ingredients:
½ oz lime juice
¼ oz honey syrup
½ oz Fruitful Mixology rhubarb liqueur
¾ oz Brockmans Gin
¾ oz Hendrick’s Flora Adora
2 oz tonic water
Rosebud tea, for garnish

Directions:

  • Combine lime juice, honey syrup, Fruitful Mixology rhubarb liqueur, Brockmans Gin and Hendrick’s Flora Adora in a cocktail shaker. Add ice, shake until cold.
  • Add tonic water to the shaker, then strain over fresh ice in a double old fashioned glass.
  • Garnish with rosebud tea and enjoy!

Blueberry Sparkler Mocktail by Topo ChicoBecause everyone needs a good go-to mocktail recipe in their life.Photo courtesy of Topo Chico

Blueberry Sparkler Mocktail by Topo Chico
This beverage might not be gin-themed, but it does make a great refreshing mocktail. If you don’t have Topo Chico Sabores on hand, you can substitute it with sparkling water.

Ingredients:
1 Blueberry Topo Chico Sabores
1 cup fresh blueberries
1 tablespoon granulated sugar
½ cup water
½ oz freshly squeezed lemon juice
Lemon slices and additional blueberries, for garnish

Blueberry Syrup Directions:

  • In a small saucepan, combine the blueberries, sugar, and water. Cook over medium heat, stirring occasionally, until the blueberries are soft and the sugar has dissolved, about 5 minutes.
  • Remove the saucepan from the heat and allow the blueberry mixture to cool for about 10 minutes.
  • Once cooled, use a fine-mesh strainer to strain the blueberry mixture into a bowl, pressing on the solids to extract as much juice as possible. Discard the solids and set the blueberry syrup aside.

Mocktail Directions:

  • In a cocktail shaker, combine 1 ounce of the blueberry syrup, and lemon juice. Fill the shaker with ice and shake well until chilled, about 15-20 seconds.
  • Fill a glass with ice and strain the mixture into the glass. Top off the glass with Blueberry Topo Chico Sabores (or sparkling water) and give it a gentle stir to mix.
  • Garnish with lemon slices and additional blueberries, if desired. Enjoy your refreshing Blueberry Sparkler!

Tillie's seasonal summer cocktailThis colorful cocktail is a lively take on a gin martini.Photo courtesy of Tillie's at Camp Lucy

Empress Gin Martini by Tillie’s at Camp Lucy
This martini recipe was developed by Paolo Lazarich, the mixologist for Abbey Row Restaurant at The Old Bell Hotel in the United Kingdom. Fun fact: Camp Lucy owners Kim and White Hanks also own The Old Bell Hotel, which is rumored to be England’s oldest hotel.

Ingredients:
3 oz Empress 1908 Gin
1 oz dry vermouth
Splash of lemon juice
Lemon and rosemary for garnish

Directions:

  • Add the Empress 1908 Gin, dry vermouth, and lemon juice to a glass and stir gently.
  • Garnish with a lemon wedge and a sprig of rosemary. Enjoy.

\u200bSummertime Spritz by Dean's Italian Steakhouse There's nothing like a summer spritz.Photo courtesy of Dean's Italian Steakhouse

Summertime Spritz by Dean's Italian Steakhouse
This recipe is geared toward a mixologist who enjoys the little details that make a cocktail so unique, such as making their own oleo saccharum or curating the perfect flower as a garnish.

Ingredients:
½ oz lemon juice
½ oz strawberry oleo saccharum
¼ oz Aperol
¼ oz Giffard Abricot
1.5 oz Zephyr Gin
2 oz Brut champagne
1 each cocktail flower

Directions:

  • Combine all ingredients except Brut champagne into a cocktail shaker. Fill the shaker with ice and shake vigorously, about 15-20 seconds.
  • Fill a wine glass with ice and add the Brut. Fine strain the cocktail into the glass.
  • Garnish with the cocktail flower

Extravagant estate in West Austin hits the market for $4.25 million

ON THE MARKET

An imperial estate in the Lost Creek neighborhood of West Austin has become the latest addition to the city's stabilizing real estate market. The property was listed at $4.25 million.

The magnificent three-story home was originally built in 2009, making great use of Austin's Hill Country views that can be seen from every single room. The home spans 8,215 square feet on just over two acres of land, surrounded by lush trees and enclosed with a private gated entrance.

Natural light floods the inside of the home, highlighting intricate details and complimenting the high ceilings. The home boasts five bedrooms, four bathrooms, and three half-baths. The primary suite is reminiscent of an upscale resort, containing its own spa-like bathroom, walk-in closets, and access to a private balcony.

In the kitchen, the 60-inch wolf range is an aspiring chef's dream. The area has plenty of space and storage with its rich brown cabinets, a sub-zero refrigerator, a cabinet-mounted wine rack, two sinks, and more.

8105 Talbot Lane in AustinThe 60-inch wolf range is an aspiring chef's dream.Photo courtesy of JPM Real Estate Photography

A few other highlights of the home include a game room, media room, terraces, and a resort-style pool deck with an accompanying hot tub, kitchen, and fire pit. The two-car garage also includes a guest suite above it, with a single bedroom, kitchenette, and half bath.

Looking into the property's history, it was listed in June 2022 for $4.9 million, which was reduced to $3.9 million by September. The home was reported as sold in October of that year before being re-listed for its current $4.25 million price in 2023.

8105 Talbot Lane in Austin

Photo courtesy of JPM Real Estate Photography

The estate is located at 8105 Talbot Lane in West Austin.

The estate is located at 8105 Talbot Lane, which is a brief 10 minutes from downtown Austin, and is zoned for the highly-esteemed Eanes Independent School District. The listing is held by agent Wade Giles of Douglas Elliman.