AUSTIN, Texas — According to end-of-the-year totals from the Austin Board of Realtors, the median price of a home in the Austin-Round Rock area reached $503,000 for 2022.
“In 2022, real estate did have a record-breaking year in Austin,” said director Job Hammond.
Despite that shocking price tag, Hammond says the area ended the year, and starts 2023, in a buyer’s market.
“When it comes to 2023 for first-time homebuyers, the best day to ever buy a house was yesterday,” said Hammond.
Erin Chancy has lived in Austin her whole life. She wants to buy her first home in Austin, but the prices give her pause.
“For Austin specifically, they are still too high for like the average adult to be able to buy even if it's a buyer’s market,” said Chancy.
Chancy monitors websites like Zillow and Trulia, and has investments set aside for a down payment. However, she isn’t sure if 2023 will be the year she can afford to become a homeowner.
"It is hard seeing how high these prices are and not knowing if, as an Austin local, I can continue to live in my hometown. I don't know if I'm going to be priced out of my hometown, and that's not a great feeling,” said Chancy.
Right now, Hammond says there are around 3.3 months worth of inventory, and inventory will remain short this year and potentially in 2024. Texas A&M University’s Real Estate Research Center has data to support Hammond. Their Housing Insight report from January 10th
expresses that the state's year-to-date, single-family construction permits in November 2022 had a net loss of 5.2%.
“Builders are cutting back on some of the purchases and the building that they're doing. So, there's going to be less new home available inventory available for people to purchase," said Hammond.
Hammond says one of the best things for buyers and sellers is working with a real estate professional, to help navigate the complexities.
“There's no place I'd rather be than Austin, Texas when it comes to making a financial investment. It's a fantastic place with plenty of growth going on,” said Hammond.