According to the ABoR's monthly report for June, the median home price across Round Rock, Pflugerville and Hutto was $506,001 in June, down 2.93% from $521,250 in May. The price marks a 10% increase over June 2021's median price of $460,000.
The three cities' combined median price in June remained lower than the city of Austin's at $615,000 and higher than the broader Central Texas market's at $475,000. Notably, both those markets experienced similar price drops from May to June.
In the report, ABoR President Cord Shiflet said the lower prices are indicative of a housing market that is moving toward "pre-COVID[-19] normalcy."
“These numbers are a breath of fresh air for a housing market that has been holding its breath,” Shiflet said. “The Austin market is by no means balanced, and it still favors sellers, but buyers have more bargaining power now than at any point since before the pandemic."
The report also shows a dramatic increase in home inventory, with Round Rock, Pflugerville and Hutto having 933 active listings in June, compared to 498 in May and 309 in June 2021.
George Ratiu, senior economist and manager of economic research at Realtor.com, said in the report that growing inventory is another good tiding for the market.
"This increase in supply combined with cooling demand indicates the beginning of a more sustainable housing market," Ratiu said. "Frankly, the 2021 market was anything but normal, and this transition signals that more hope for buyers is on the horizon."
