Home prices in Georgetown rose in February, bringing rates closer to what they were in February 2022, while inventory remains higher than it was a year ago, according to data released by the Austin Board of Realtors.
The median price of homes sold in the city last month was $451,700, compared to $465,000 in February 2022—marking a 2.9% drop. However, that figure rose from the median prices of $404,000 in January and $399,500 in December.
Homes spent an average of 69 days on the market in February—up from the 15-day waiting period in February 2022, per ABoR data. The number of active listings also increased from 28 to 329 in that timespan. Pending sales have stayed consistent, though, remaining at 116 year over year.
“Looking at the month-to-month data, we see that pending sales are consistent or rising in neighborhoods that are typically more affordable in areas outside Austin city limits,” 2023 ABoR President Ashley Jackson said in a press release. “Along with rising inventory, that’s a good sign for housing market activity this spring.”
