Home prices in the Austin-Round Rock MSA reached a new annual record in 2022. The December 2022 and Year-End Central Texas Housing Market Report from the Austin Board of REALTORS® revealed the annual home price across the area as $503,000. However, despite this record-setting price, the housing market continues to shift in favor of buyers. Home sales have declined 18.3%, with 33,547 homes sold in 2022. There’s been an increase in inventory, and homes have stayed on the market for 31 days, which is an 11-day increase from the previous year.
The new president of the Austin Board of REALTORS® for 2023, Ashley Jackson, noted some highlights from ABoR’s Central Texas Housing Market Report. “After two years of unprecedented demand, activity and price increases, our housing market began to stabilize in 2022…Signs point to that trend continuing in 2023 even as interest rates fluctuate, so buyers need to date the rate and marry the house. Bidding wars have subsided as homes on average sold for only less than the original listing price in 2022, but as we head into what is normally a seasonal peak for sales, today will still be the most cost-effective time to buy a house.”
As we jump headfirst into the New Year, many potential buyers and sellers are still concerned about prices and the direction of the market. Affordability will remain a big question at the top of mind in 2023, but remember that things are starting to rebalance. If purchasing a new home or selling your current one is on your to-do list for 2023, “now is a great time to work with a REALTORⓇ to find something that works for you and your budget.”
Contact The Cummings Team® today for more market insights, exciting new listings, and advice on your next steps!
The Cummings Team® | 512-619-3186 | [email protected].