Georgetown to add housing to keep up with population growth

Matching the growth in people is the number of residential developments underway within city limits.

According to the city, there have been a total of 1,945 permits submitted for single-family residential neighborhood developments from October 2021 to May. During the previous fiscal year, which ran from October 2020 to September 2021, 2,520 single-family residential permits were submitted.

Additionally, a total of 402 multifamily units were added from October 2020 to September 2021.

Adding both single-family and multifamily housing options is in line with the expectations outlined in Georgetown’s 2030 Plan that states the city’s main goal is to ensure access to diverse housing options for residents of all ages, backgrounds and income levels.

However, as additional availability comes online and the population is projected to continue to grow—with estimates of a 21%-44% increase before 2030—home sales in the area have slowed.

“The ups and downs we are seeing in our market are normal, and somewhat expected considering the fast pace at which our market has moved over the past two years,” Cord Shiflet, Austin Board of Realtors president, said in an April market report. “If you want to begin building equity through homeownership, or if there is a specific area you want to live in, the time to plant your flag is now.”

According to data from the Texas A&M Texas Real Estate Research Center, a total of 439 properties were sold in Georgetown from January to April 2022, which is 109 properties less than the same time last year.

Williamson County residential sales also decreased 11.2% to 1,037 sales, according to ABoR data. During the same period, active listings rose 65.2% to 849 listings while pending sales dropped 10.2% to 1,154 pending sales, the report said.

“We are starting to see some stability in our market,” ABoR Secretary-Treasurer Brandy Wuensch said. “The price of things are obviously still high, but this is also encouraging an increase in the resale market.”