December Market Stats

Statistics for 2021 are officially in! It was certainly a year filled with lots of appreciation with the median price in Austin rising nearly 30%. While Austin has slowed in recent months in its appreciation rates, the numbers continue to rise for now.

What does this mean?

The factors that created last year’s unprecedented price growth and competition for housing are still at play in the Austin market. Remote work options, a growing tech sector, and a shortage of housing stock are keeping prices high and options low for buyers searching in Central Texas.

Austin’s median home price hit $540,000 in November, according to ABOR data. At the same time, buyers had fewer options to choose from — listings were down year over year, and there was only 0.7 months of inventory, a far cry from a healthy market’s six-month inventory.

If you’re a buyer:

Interest rates are still low and are projected to go up substantially over the course of the next year. Now is still a good time to buy. See the below graphic to compare buying with varying interest rates and prices.

If you’re a seller:

Spring is a great time to sell and inventory is still tight. Now is a great time to sell while buyers are getting back to searching after the holidays.

Always bear in mind that real estate is hyperlocal and hyper-situational so leave us a message below if you have questions about your specific market or situation.

Courtesy of Texas National Title-Austin. See the full interactive map here.