In December, Hutto’s home sales were up 34% over the previous year, while the entire Central Texas region’s sales decreased 2%.
At $405,000, Hutto’s median home price remains lower than the regional median of $431,000. However, Hutto’s prices are rising more quickly with a 44.5% year-over-year increase in December compared to the Central Texas market’s 30.7% increase.
Mark Sprague, state director of information capital at Independence Title, said in the report high demand combined with limited supply are contributing to the rising home prices and will likely continue to do so.
“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. "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 forward to 2022, Sprague said local housing markets will have to contend with low inventory and supply chain issues in the coming year.
“Lack of inventory and global supply chain issues may lead to a 5-7% decline in closed sales across the region in 2022, but rising home values will ensure the housing market’s economic impact remains steady,” Sprague said. “In short, 2022 will see a robust market for home sales and property values, but the region must do more to address inventory.”
