The latest end of year and monthly report from the ABoR shows the median home price increased 35% to $475,000 during the month of December. There were 213 new listings in December and 169 active listings on the market. There were 267 pending sales during that month. The median price throughout 2021 increased 35% to $430,000, according to end of year data from ABoR. There were 4,172 new listings throughout the year.
As a whole the Austin-Round Rock metro set an annual record of home sales, according to the release. The number of home sales increased by 2.5% year over year to 41,316 homes, according to the release.
However, high demand and not enough inventory are causing home prices to steadily increase in the market, said Mark Sprague, state director of information capital at Independence Title, in the release.
“In 2021, the record number of homes sold were demand-driven transactions and that demand was influenced greatly by companies continuing to target the region for job creation and expansion,” Sprague said. “Even though more homes are being built, listed and sold than ever before, our region is still nowhere close to having a comfortable amount of supply to meet the demand, which is why home prices continue to rise steadily.”
An unsteady global supply chain is another factor to consider when looking ahead to what the market will look like through 2022, Sprague said.
“Lack of inventory and global supply chain issues may lead to a 5%-7% decline in closed sales across the region in 2022, but rising home values will ensure the housing market’s economic impact remains steady. In short, 2022 will see a robust market for home sales and property values, but the region must do more to address inventory.”
