Home sales decreased 5.1% year over year in Central Texas, but local sales increased by 4.2% over last September.
Moreover, at $472,765, the average price of homes in Round Rock, Pflugerville and Hutto increased by nearly 40% year over year—almost double the 20.4% year-over-year increase for the entire Central Texas market, where the average sales price is $498,352.
The figures show while the average cost of local homes may still be lower than Central Texas as a whole, housing costs are catching up with the regional average.
“The Austin housing market remains strong and competitive,” 2021 ABoR President Susan Horton said in the report. “However, more homes are beginning to hit the market evidenced by the increase in new listings in September, which is creating a greater number of opportunities for buyers. While this is a positive step forward, there is a long way to go for this to be a balanced market."
The ABoR report cites the Austin Chamber of Commerce and states several factors have contributed to the ongoing housing market boom, including job growth and a diverse economy.
“Tesla moving its headquarters here has cemented Austin as a hub of the tech and innovation industry with the potential for limitless opportunities,” said Laura Huffman, president and CEO of the Austin Chamber of Commerce. “The intentional diversification of our region’s economy and significant job creation also brings challenges that we as local leaders must take head on."