September 2021 statistics have been released for the Central Texas Housing market. There was another decrease from the preceding month but a strong continued increase from the previous year’s numbers.
The City of Austin saw a change in median home price from $540,000 to $525,000, a month to month decrease of $15,000 but still a 28% increase from the previous year. The Austin-Round Rock MSA saw a change in median home price from $470,000 to $450,000, for a month to month decrease of $20,000 but still a 28% increase from the previous year. It is worth noting here that even with a slight month to month decrease, these are record high sales for the month of September overall, and indeed most all preceding months as well.
The following infographics and data is courtesy of the Austin Board of Realtors:
Housing inventory has marginally increased to 1.1 months for both the City of Austin and the entire MSA. The five county region saw a 16% increase in new listings and Days on Market are also up from 14 days to 17 days.
These numbers keep the Austin MSA quite comfortably in a seller’s market but the red hot level of hyper aggressive property acquisitions has certainly cooled. This market cooling has afforded home buyers and investors the boon of opportunity. The first six months of the year it was a laudable feat for buyers to win a contract anywhere in the MSA. Comparing that time frame to the current price stabilization, buyers have the luxury of discernment in identifying areas for a potential path of progress. This allows for directed strategies when choosing a region of growth. North Austin and its suburbs have been a powerhouse of growth for many years and looks poised to continue. Hays county to the South, by percentage gains, is one of the fastest growing counties in Texas. Just a bit further South along the I-35 corridor towards San Antonio, sit two of the fastest growing cities in the country, San Marcos and New Braunfels. Recent announcements of massive mixed use development sites and master planned residential communities for those areas are certainly worth tuning into. Even the East side of Austin has turned heads with the announcement Tesla’s HQ relocation.
The recipe for projected area growth is set with all of the right ingredients: Continued low inventory, announcements of job creation, HQ influx, low residential vacancy, and strong year of year rental growth.
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Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.