The median home price for the area was $662,000 in September, down from $672,000 the previous month. Leading up to August, home prices had increased each month of 2021 in the heart of Austin, peaking at $725,000 in July. However, the median price last month still surpassed that of September 2020 by 15.5%.
The entire Greater Austin area is experiencing the same declining trend with the metro’s median price dipping from $470,000 to $450,000 last month—still up a staggering 28.5% year over year.
ABoR President Susan Horton said the local housing market remains highly competitive.
“More homes are beginning to hit the market, evidenced by the increase in new listings in September, which is creating a greater number of opportunities for buyers. While this is a positive step forward, there is a long way to go for this to be a balanced market,” Susan Horton said in a statement.
Laura Huffman, Austin Chamber of Commerce president and CEO, said limited housing supply is still a leading concern to local leaders, particularly as more industry pours into Travis County, including Tesla’s relocation of its headquarters.
“Increasing housing inventory—and ensuring that it is attainable across all socioeconomic classes by strengthening and diversifying housing options—is crucial to the health and vibrancy of our community,” Huffman said in a news release. “Austin has the opportunity to find a path forward that will allow us to maintain the magnetism of our housing market while keeping our competitive advantage when it comes to cost of living and quality of life.”
In September, the city of Austin had enough housing inventory to last just over a month with the current demand—slightly less than a year ago but up from the 0.9 months of inventory it had in July, when housing prices peaked.