February 2022 Housing Market Update for Austin, TX MSA
February 2022 Housing Market Update for Austin, TX MSA
February 2022 statistics have been released for the Central Texas Housing market. There was an increase from the preceding month as well as an increase from the preceding year for the entire Austin Metropolitan Statistical Area.
The City of Austin saw a change in median home price from $550,000 to $565,000, a month to month increase of $15,000 and a 15% increase from the previous year. The Austin-Round Rock MSA saw a change in median home price from $476,000 to $499,995 for a month to month increase of $23,995 and a 27% increase from the previous year.
The following infographic and data is courtesy of the Austin Board of Realtors:
Housing inventory remained at critical levels, 0.4 months for the entire MSA which is an increase from the preceding year which was 0.5 months. The City of Austin also remained at critical levels, 0.3 months which is a decrease from the preceding year which was 0.4 months. Those figures equate to only 9 days of housing inventory for the City of Austin and 12 days for the entire MSA. The five county region saw a 10% increase in new listings compared to February of the preceding year and an 8% increase from the preceding month.
Williamson County which comprises much of the norther suburbs of Austin (Round Rock, Cedar Park, Georgetown, Hutto) saw very strong growth numbers in 2021. It seems that Hays county, which comprises the Southern suburbs (Kyle, Buda, San Marcos, Driftwood) and stretches towards San Antonio may also have its time in the spotlight. Williamson County’s median home price now rests at $479,000, a 32% increase form the previous year. Hays County’s median home price now rests at $427,350, a 42% increase form the previous year. And not to be left out is Bastrop County where the median home price now rests at $437,835 an impressive 61% increase from the previous year. That data pool for Bastrop County may be skewed as it was based on a total of only 79 homes sales for that county in February.
Some key takeaways from the data: The ratio of housing inventory is identical to the preceding month and nearly identical to the preceding year. And we are only beginning to ramp up into peak home buying and selling season for the 2022 year. The pending sale numbers are actually outpacing the new listings. For the entire MSA region there were 2,967 pending sales for the month of February but only 2,834 new listings. At this rate inventory could climb even lower which likely means every greater demand for housing.
Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.