AUSTIN (Talk1370.com) -- The Central Texas housing market set new records in 2022, though a shift towards buyers continues - all according to the new data from the Austin Board of REALTORS.
Across the five county metro area, the median price for a home set a new annual record of $503,000. It's an 11.4% increase over 2021, while sales dollar volume fell 9.8% to $21,018,159,929.
“After two years of unprecedented demand, activity and price increases, our housing market began to stabilize in 2022,” Ashley Jackson, 2023 ABoR president, said. “Signs point to that trend continuing in 2023 even as interest rates fluctuate, so buyers need to date the rate and marry the house."
For the month of December 2022, the median price across the metro area dipped 3.7% to $457,426.
Home sales in the City of Austin continued to set records as well, with the median price for the year rising 10.3% to $590,000. Both the number of sales and the sales dollar volume inside the city limits fell year-over-year, down 25% and 17% respectively.
“Even with the inventory gains made in 2022, our region still needs more housing," said Mark Sprague with Independence Title. "This need could be exacerbated as builders and developers continue to recover after overextending themselves nationally and increasing interest rates lessen people’s buying power. We could see 15-20% less inventory in 2023 as builders scale back their housing starts."
More details on individual counties within the Austin metro can be found on ABOR's website.