The median home price in Pflugerville was $438,573, a 52.3% year-over-year increase. For the entire Central Texas market, the median price was $431,000, a year-over-year increase of 30.7%.
However, Pflugerville home prices remain well below the city of Austin's median price of $555,000.
Home sales in Pflugerville continue to trend upward, increasing 9.2% year over year in December, while the Central Texas market’s sales saw a 2% decrease.
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.”