Texas

Austin subway homes are on sale for longer than they’ve been in more than a decade

AUSTIN (KXAN) — Austin’s housing market “has changed and started to rebalance” and homes are now on the market for an average of over two months.

Austin Board of Realtors President Ashley Jackson made the comments in the December edition of the board’s monthly housing market report, released Wednesday.

“December tells us a lot about how the market has shifted and begun to rebalance as there has been a drop in selling prices and a staggering increase in the time it takes to sell homes,” Jackson said.

Homes sold in December were on the market for an average of 73 days, nearly three times as many as a year ago. The average is the highest since March 2012 — nearly 11 years ago — when, according to ABoR data, it took an average of 83 days to sell homes.

For all of 2022, homes spent an average of 31 days on the market, up from 20 days in 2021.

“After two years of unprecedented growth in demand, activity and prices, our housing market has begun to stabilize in 2022,” Jackson said. “Signs indicate that this trend will continue in 2023, even if interest rates fluctuate.”

In 2022, the average Austin metro home price is up about 11% year-over-year to hit an annual record of $503,000. But as prices rose, the number of sales decreased. In total, 33,547 homes were sold in the Austin area in 2022, down 18% from the previous year.

In total, more than $21 billion in home sales have contributed to Austin’s economy, a decline of about 10% from 2021, according to ABoR.

Homes within the Austin city limits remain the most expensive at an average price of $525,250 in December, down 5.4% from a year ago. Prices also fell in Travis County as a whole by 4.6%, Williamson County by 2.4% and Bastrop County by 6.5%.

Prices have indeed risen year on year in Hayes and Caldwell counties. The median home price in Hayes County was $427,700 in December, up 8.3% from last year. Prices in Caldwell County jumped 6.5% over the same period.

Jackson said that while the bidding wars have subsided, the region is moving towards what is normally a seasonal selling peak.

“It’s important to remember that we still have a desirable and in-demand market,” Jackson said. “We are just now seeing our market return to a more normal level of high demand and activity than we have seen in the years leading up to the COVID pandemic and the subsequent boom in our market.”

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