However, the city’s home prices remain significantly lower than they were a year ago, when the median price was $505,500. Georgetown’s housing inventory also crept up between May and June, increasing from 3.4 months of inventory to 3.5 months. For comparison, inventory was at 1.4 months in June last year.
“Yes, inventory is increasing, and median prices have declined, but this does not mean no action is required to address the region’s housing affordability issues,” ABoR President Ashley Jackson said in a news release. “We are seeing the market normalize after years of record-setting pace, but it is our job to help the region’s housing market fundamentally improve so that anyone that wants to buy a home here can find one within their budget.”
As the market’s inventory has built up, homes are taking longer to be sold. Homes listed for sale spent an average of 17 days on the market in June 2022, according to the ABoR. That waiting period reached 77 days this May before declining to 68 days in June.
Sales have still continued, though. In June, Georgetown had 144 closings compared to May’s 142 homes sold.
“The diverse and resilient economy that has been built in Central Texas, particularly over the past two decades, is instrumental in helping the region, and our housing market, withstand less-than-ideal economic conditions,” ABoR Housing Economist Clare Losey said. “It is important to remember that the market continues to moderate in the wake of unsustainable price growth and sales activity during the pandemic, but remains robust.”
