While up over the last year, the median price for new and existing homes in the city has fallen 13.5% since the summer surge, when Georgetown saw prices reach $550,000 in June. With the market’s supply up to 3.6 months of inventory, compared to the 0.8 months of inventory last October, buyers have more to choose from, as the city’s active listings has grown from 281 from this time last year to 1,045.
Now, homes are taking longer to sell. The average home spends 45 days on the market, whereas the properties were flipping in 19 days last year.
The data shows a more stable and sustainable price trend, according to ABoR President Cord Shiflet, who said there is more available inventory in Central Texas than the area has experienced in a decade.
“Now is the time for homebuyers to sit down with their realtor and walk through all possible financing and down payment options,” he said.
Across Williamson County, the median price for homes has risen by 7% since last year, reaching $460,000 in October. The number of available homes in the county has also increased over the last 12 months, but sales dropped by 33.3%. Through October 2021, 11,651 homes had been sold, compared to this year’s 9,769. New listings in the county are down 12.8%, while active listings have jumped from 940 homes to 3,210—an increase of 241%.
Despite the stabilizing market, Jim Gaines, an economist at the Texas Real Estate Research Center, said the area is in position to withstand any economic downturn due to “the continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region.”
