Real EstateLake Travis - Westlake

Report: Home sales declining, costs rising for homes in Lake Travis-Westlake

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Grace Dickens

2 min read

Published February 16, 2022 at 4:53 p.m. CTUpdated February 17, 2022

Report: Home sales declining, costs rising for homes in Lake Travis-Westlake — Home sales in January 2022 have gone down while closing prices have increased in Lake Travis-Westlake, according to the Austin Board of Relators. (Courtesy Adobe Stock)

Keeping in line with trends in the Greater Austin area, home prices in the Lake Travis-Westlake area are still on the rise while inventory shrinks, according to the January report from the Austin Board of Realtors.

While new and existing home sales in the Lake Travis-Westlake area saw a year-over-year decrease of roughly 32% from January 2021 to January 2022, the average price for a home rose 21% from $874,096 to $1,058,514.

In this same timeframe, new and active listings have gone down. In January 2021, there were 211 new listings for single family homes, townhouses and condominiums, compared to 164 in January 2022. Active listings saw a similar decrease, going from 169 in 2021 to 94 in 2022.

While 2021 saw modest increases in average price for new listings and over 40% in price hikes for existing homes, data for January 2022 shows a trend in the opposite direction. In January 2021, the average price for a new home in the Lake Travis-Westlake area was $582,019, a .7% year-over-year raise from the previous year. As of January 2022, the average price for a new home has risen to $1,019,619, a nearly 75% year-over-year increase.

The average price for existing single family homes has slowed down compared to 2021, according to the report. The average price for a home in 2021 was $994,326, a 46% year-over-year increase from the previous year. In 2022, the average cost rose to $1,155,856, a 16% increase.

“Austin’s unprecedented economic growth shows no signs of stopping, with announcements of new projects almost daily. While this is great for Austin long term, our capacity to house people cannot keep up, with people having to drive further outside city limits to find a home they can afford,” said Scott Turner in the report, president of the Home Builders Association of Greater Austin. “While demand is higher than ever, supply chain issues are contributing to the slowing rate of construction. It is harder than ever for builders to complete homes on time due to a lack of both materials and labor. It takes almost twice as long to build than it did pre-pandemic, so we are building less housing per year, despite our best efforts.”