Buyers and sellers alike will be excited to hear that REALTORS® are seeing signs of a market cooldown due to an influx of housing inventory.
However, despite this calming trend, the real estate market for Williamson County and the overall Austin area leaves us with reason to believe it will be a record-breaking year. With active listings jumping by triple digits year over year and inventory exceeding one month’s supply, we are seeing signs of a post-pandemic return to normalcy for the housing market.
Austin housing has been rising in demand every second. With the city’s simultaneously rapidly expanding economy and continued developments, more people are being driven to the city. While the “tech migration” is a prominent reason for Austin’s increasing expansion, many people are still relocating to the area, seeking opportunities and the unique life that Texas offers. This influx of new residents to the area, combined with the rapid population growth, has placed the housing market in favor of sellers. But, an important note for buyers worried about this shift: with the rise in inventory and an even more recent trend in the market, buyers have more options than ever.
Leander Report
June saw an increase of Leander home prices by 25.4% compared to 2021, with homes selling for a median price of $535K. These homes tend to sell after 30 days on the market, a jump up from 24 days last year. There were 207 homes sold this month, down 314 from 2021.
Cedar Park Report
Cedar Park home prices were up 7.3% in June 2022, selling for a median price of $585K. There were 99 homes sold this month, down from 166 last year. On average, Cedar Park homes sell after 32 days on the market, an increase of 5 days compared to the previous year.
Williamson County Report
In the first half of the year, home sales for Williamson County decreased 6.4% year over year to 6,116 sales. New listings rose 5.3% to 8,414; active listings jumped a remarkable 131% to 910 listings, and pending sales dropped 13.9% to 6,345. During that same period, the median price for homes jumped 20.9% to $495,783.
In June 2022, home sales fell 21.8% year over year to 1,179 sales. In the same time, the median home price rose 14.6% to $510,000. New listings climbed 17.8% to 2,070 listings; active listings also skyrocketed 279.8% to 2,294 listings. Pending sales continued to fall to 959 sales, a 37% decrease. Housing inventory more than doubled, with two months of inventory in June.
This June, home sales decreased 21.8% year over year to 1,179 sales. During the same period, sales dollar volume dropped 8.6% to $677,528,395, and the median price climbed 14.6% to $510,000. New listings increased 17.8% to 2,070 listings, while active listings also skyrocketed 279.8% to 2,294 listings. Pending sales fell 37% to 959 pending sales. Housing inventory more than doubled to 2 months of inventory.
What To Expect
So what do these statistics tell us about the current market and its projected path? The president of the Austin Board of REALTORS® made a statement on these market updates, and buyers will breathe a sigh of relief.
“We are now seeing a move more towards pre-pandemic sales activity and inventory…The Austin market is by no means balanced, and it still favors sellers, but buyers have more bargaining power now than at any point since before the pandemic. Homes still closed at over 100% of the list price on average last month, but REALTORS® have started seeing lower list prices and therefore sale prices, over the last few weeks.”
With the drop in residential home sales activity and the slowing pace of home price growth in June, this indicates a cooling Austin housing market that is returning to its pre-COVID state.
If you’re looking for a home in Leander or Cedar Park, contact The Cummings Team® today! 512-619-3186 | cummingsteam@purerealty.com.