March 2022 Housing Market Update for Austin, TX MSA

[Bryan Noth]

March 2022 Housing Market Update for Austin, TX MSA

March 2022 statistics have been released for the Central Texas Housing market. There was an increase from the preceding month and a 22% increase from the preceding year for the entire Austin Metropolitan Statistical Area.

The City of Austin saw a change in median home price from $565,000 to $624,000, a month to month increase of $59,000 and a 22% increase from the previous year. The Austin-Round Rock MSA saw a change in median home price from $499,995 to $521,100 for a month to month increase of $21,105 and a 22% increase from the previous year.

The following infographics and data is courtesy of the Austin Board of Realtors:

Housing inventory remains at critical levels, 0.5 months for the entire MSA which is 0.2 months increase over the preceding year. The City of Austin also remained at critical levels, 0.5 months, a slight increase from the preceding year which was 0.4 months. Those figures equate to only 15 days of available housing inventory for the entire MSA. The five county region saw a 1% decrease in new listings compared to March of the preceding year and an 68% increase from the preceding month. This figure makes sense as the market moves towards a the active season for home buying and selling.  

Some key takeaways from the data: Correct pricing of your home sale is critical right now. We may be leaving the erratic era where essentially any listed price would get attention and receive a strong offer. Rising home prices and interest rates have likely contributed to the dampening effect on the market. To be clear, houses are still commonly seeing multiple offers and over asking offers, but the scale of those offers is decreasing. This may be the first data driven month indicating a shift towards a more balanced home buying and selling process.  A relief for buyers as the deck has been solidly stacked in the seller’s favor for several years now.

Housing inventory is still quite low and the influx of new residents to Austin continues to grow. The US Census Bureau’s estimated a net growth of 146 people per day for 2021.

Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.