According to the Austin Board of Realtors, “home sales [in January 2022] fell 5.8% to 2,295” when compared with the same month last year.
Regardless of the decline in the number of homes sales closing last month, the median sales price of homes rose 30.4% to $476,000 in January. Even though home affordability is an issue, homes spent “an average of 28 days on the market, down six days from January 2021.”
Scott Turner, President of Home Builders Association of Greater Austin claimed that people are having to “drive further outside of city limits to find a home they can afford.” This is proven by the fact that 84.1% of total home sales in January 2022 took place just in Travis County and Williamson County, where the average median sales prices were $530,000 and $460,000, respectively.
This markets’ ecosystem is built on outdated land development code, supply chain issues, and billions of dollars of investments from national and global companies. All of which is cementing Austin’ as the city to be in as it takes on the face of the new modern era.
