In December 2022, home sales in the Central Austin region decreased over 54% year over year, according to ABoR data. The region saw 170 sales in December 2022 compared to 362 in December 2021.
The median sales price in Central Austin decreased almost 10% year over year, with the median home price at $647,500 in December 2022 compared to $749,500 in December 2021, according to ABoR data. The median sales price in the city of Austin dipped 4.5% to $525,250 in December 2022.
While home prices in Austin are beginning to trend slightly downward, the median sales price for residential homes in the city of Austin in 2022 rose 10.3% year over year to $590,000 this past year, an all-time annual record, according to ABoR.
“Even with the inventory gains made in 2022, our region still needs more housing,” ABoR President Ashley Jackson said in a news release. “This need could be exacerbated as builders and developers continue to recover after overextending themselves nationally, and increasing interest rates lessen people’s buying power. We could see 15%-20% less inventory in 2023 as builders scale back their housing starts.”
In Central Austin, there were only 173 new listings in December 2022, compared to 641 in December 2021. Active listings have continued to surge, with 675 active listings in December 2022 compared to 548 in December 2021.