Signs of normalcy continue with The Austin Board of REALTORS® August 2022 Market Report. Housing inventory skyrocketed to 2.9 months in August, its highest level since September 2018. In large part, this inventory increase can be attributed to the dramatic increase in active listings for the area. Median home prices have risen 5.5 percent to $496,039 – making August a record-setting month in terms of the normalization of home price appreciation.
Cord Shiflet, the 2022 president of the Austin Board of REALTORS®, commented on this shift in the market, reassuring buyers and sellers that the trend indicates stabilization consistent with historical norms.
“I want to be very clear—market shift does not mean that we are in a downturn, and it doesn’t mean that Central Texas home values have been overvalued…Home prices are still appreciating, just at a more reasonable rate, that’s more in-line with what we have seen historically.”
Looking Forward
So what does this mean for Williamson County homebuyers and sellers? Bottom line – right now is the best time to buy a home. With homes selling close to their listing prices, the market is reaching a healthy stabilization. But investors interested in selling their properties should not be remiss! Working with an experienced REALTOR® will help you accurately price your home and offer the necessary strategies to navigate this changing market.
If you’re looking for a home or interested in selling, contact The Cummings Team® today! 512-619-3186 | cummingsteam@purerealty.com.