Austin Housing Market Update 2022
January Sales & New Listings Decline
A slight decrease in close sales January still stands as the second most active month on record.
Scott Tuner, president of Home Builders Association talks about supply and demand . . .
“Austin’s unprecedented economic growth shows no signs of stopping, with announcements of new projects almost daily. While this is great for Austin long term, our capacity to house people cannot keep up, with people having to drive further outside city limits to find a home they can afford.
”While demand is higher than ever, supply chain issues are contributing to the slowing rate of construction. It is harder than ever for builders to complete homes on time due to a lack of both materials and labor. It takes almost twice as long to build than it did pre-pandemic, so we are building less housing per year, despite our best efforts.” Turner added that while builders and buyers want new homes built as quickly as possible, the land development code in Austin is outdated and complicating the development pipeline."
“Ten years ago, Austin acknowledged that the land development code was inadequate to meet our growing housing needs. Today, we still have the same issues, and it takes longer than ever to navigate the permit process. We need a new code that allows more housing to be built, and we need the city to make the changes necessary to deliver permits in a reasonable time. Until then, home prices will continue to increase like they have for the past decade.”
Median Sales Price increased 30% to $467,000
Median Sales Price
Months of Supply
Average Days on Market