In total, 13,351 homes were sold in Austin in 2021, a 4.6% year-over-year increase, ABoR’s 2021 year-end report shows. This outpaced Travis and Williamson counties, which saw a 2.3% increase and a 2% increase, respectively, in residential home sales.
At $536,331, the median home price in Austin in 2021 set another annual record, according to the release, increasing by 27.7% year over year.
Additionally, in December the median home sales price in Austin rose to $555,000, a monthly record and a 19.4% year-over-year increase when compared to December 2020, according to ABoR data.
Median home prices in Austin for 2021 also topped both Travis and Williamson counties as a whole, which saw median prices of $520,000 and $425,680, respectively. Median home prices increased 28.4% year-over-year in Travis County, while prices rose faster in Williamson County with a 38.8% year-over-year increase.
Mark Sprague, state director of information capital at Independence Title, said in the release the high demand for homes combined with limited supply is contributing to the record-high number of sales and prices.
“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 in the release. “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.”
Looking ahead to 2022, Sprague said a lack of housing inventory and global supply chain disruptions may lead to a 5%-7% decline in closed sales throughout the Austin-Round Rock area, but because of rising home prices, the housing market will continue to affect the local economy. As of the December report, Austin had 0.5 months of housing inventory.
“In short, 2022 will see a robust market for home sales and property values, but the region must do more to address inventory,” Sprague said in the release.
