March 2022 Housing Market Update for Austin, TX MSA

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March 2022 Housing Market Update for Austin, TX MSA

Bryan Noth
Realtor · Austin, TX · Member since 2016 · 1k+ posts · 1k+ votes

March 2022 Housing Market Update for Austin, TX MSA

March 2022 statistics have been released for the Central Texas Housing market. There was an increase from the preceding month and a 22% increase from the preceding year for the entire Austin Metropolitan Statistical Area.

The City of Austin saw a change in median home price from $565,000 to $624,000, a month to month increase of $59,000 and a 22% increase from the previous year. The Austin-Round Rock MSA saw a change in median home price from $499,995 to $521,100 for a month to month increase of $21,105 and a 22% increase from the previous year.

The following infographics and data is courtesy of the Austin Board of Realtors:

Housing inventory remains at critical levels, 0.5 months for the entire MSA which is 0.2 months increase over the preceding year. The City of Austin also remained at critical levels, 0.5 months, a slight increase from the preceding year which was 0.4 months. Those figures equate to only 15 days of available housing inventory for the entire MSA. The five county region saw a 1% decrease in new listings compared to March of the preceding year and an 68% increase from the preceding month. This figure makes sense as the market moves towards a the active season for home buying and selling.  

Some key takeaways from the data: Correct pricing of your home sale is critical right now. We may be leaving the erratic era where essentially any listed price would get attention and receive a strong offer. Rising home prices and interest rates have likely contributed to the dampening effect on the market. To be clear, houses are still commonly seeing multiple offers and over asking offers, but the scale of those offers is decreasing. This may be the first data driven month indicating a shift towards a more balanced home buying and selling process.  A relief for buyers as the deck has been solidly stacked in the seller’s favor for several years now.

Housing inventory is still quite low and the influx of new residents to Austin continues to grow. The US Census Bureau’s estimated a net growth of 146 people per day for 2021.

Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.

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  • Nick Anderson
    Member since 2020 · 25 posts · 20 votes
    4y

    @Bryan Noth Good info, thanks for sharing! I'm a little confused as to which parts of this data indicate that there is a dampening effect in this market, and the scale of these offers is decreasing, and how this suggests a relief for buyers is here? 

    I agree that there is likely a dampening effect (even if minuscule) coming, but I don't see this data pointing that way yet.

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  • Bryan Noth
    OP
    Realtor · Austin, TX · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    Fair question @Nick Anderson and my wording may not have conveyed my observations as well as I hoped.

    The increase in active listings was far greater than the respective increase in pending sales. Pending sales lagged behind last years pace and did not increase in parallel with the volume of new listings. Thus, the corresponding active listings increased as did housing inventory. Broken down those are:

    Active listings are up 46% from the preceding year, and up 72% from the preceding month.

    Pending sales are down 11% from the preceding year, and up only 18% from the preceding month.

    Overall closed sales were down 5% compared to the previous year.

    Factoring in the rising interest rates and prices and we may be looking at the start of some shifting in the housing market data trends for the Austin MSA.  

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