Austin Housing News May 2022

Everything in the world seems to be a little topsy turvy right now. This month we look at our April numbers. Is Austin still the place to go? As we tip toe into the summer of 2022, is the housing market going to be as hot as the temperature?

Interest rates continue to rise, inflation continues to grow, and things in the world feel like they are going haywire. But, what is really happening in the Austin real estate market?  Let's examine the April numbers.

Residential sales decreased in the Austin metropolitan statistical area (MSA) for the second month in a row.  This is contrary to popular belief. I am still hearing a lot of people saying the market is wild and moving so fast.  In actuality, things are slowing down just a bit.  Regardless, of whether you are looking to buy or rent the process is much more complex than it used to be. 

Let's look at some year-over-year statistics. 

• Active listings were at 2763.  This is a 52% increase over this time last year. 
• The median price of a home in the Austin MSA increased by 20% to $550,000
• Houses sat on the market for 18 days.  This is a four-day increase over this time last year.  this is a trend we will continue to see over the summer. 
• The inventory increased from .3% to .8%.  This is significant because this is the single biggest increase in inventory since 2017. It seems to be a popular belief that the pandemic cause the inventory crisis, but these numbers show that the inventory shortage was happening before the pandemic. 

All this to say, there is never a better time to buy than right now.  If you are looking to build equity or invest in your family's future, it is time to talk about buying and what your options are. 

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Interested in more tips, tricks, and strategies? Download a copy of my informative buyer's guide to help walk you through your home buying process.  You can also visit my YouTube Channel for a series of videos about how to go about buying your next home.