Austin Board of REALTORS®’ latest monthly report suggests that the stabilization of Austin’s red-hot housing market is in the near future. While Williamson County is still a seller’s market this July, it is cooling dramatically and leaning more towards a neutral market. Cord Shiflet, the ABoR president, made some remarks on the current market report.
“In every aspect of our market REALTORS® are seeing positive signs that Austin’s housing market continues to normalize…On top of rising housing inventory, home price growth is much closer to the 4-5% annual growth that is typical for a healthy market. In addition, homes sold slightly below list price for the first time since December 2020, proving that buyers are gaining negotiating power in the market.”
Let’s look at a breakdown of July’s housing market report in the following areas.
Williamson County Report
Home sales decreased by 32.4% to 961 sales in the area this month. The median price jumped up 10.2% to $485,000 and new listings increased 0.2% to 1,743 listings. In that same time, active listings jumped to 2,868 listings, a 187.4% increase, while pending sales dropped to 956 sales, a 22.5% decrease. However, housing inventory is soaring to 2.6 months of inventory in July.
Leander Report
The median price for the Leander area jumped to $500,221, a 23.3% increase from July 2021. Despite a 33.5% slowdown in sales, Leander homes continue to sell at a rapid rate, with 141 homes sold this month. These homes are only staying on the market for an average of 18 days.
Cedar Park Report
Cedar Park homes have increased 22.6% this month, selling for a median price of $535,266. Home sales have slowed by 7.2% compared to their previous level in July 2021, with only 64 homes selling this month. However, the competition is tight for these homes, with them lasting only 17 days on the market, a 131% increase.
What To Expect
Williamson County can rest easy as July’s Housing Market Report numbers prove that the housing market is recovering to more sustainable levels. Median prices increased only 8% to $515,000 this month, a significant step for the real estate market’s return to normal. This 8% increase is the first time home price growth has been in the single digits since June of 2020. Further signs of a healthier housing market are found in the area’s growth in inventory, a 2.7-month standing, the highest inventory level since November 2018.
If you’re looking for a home in Leander or Cedar Park, contact The Cummings Team® today! 512-619-3186 | cummingsteam@purerealty.com.