Articles

FEBRUARY 2022

Real Estate Market Report

In January, the Austin-Round Rock MSA housing market experienced an overall decline in closed sales compared to January 2021 as the number of closed listings fell 5.8% to 2,295, according to the Austin Board of REALTORS® latest Central Texas Housing Report. Even with the slight downtick in closings and new listings, REALTORS® are looking forward to helping their clients navigate a busy and competitive market in 2022.

2022 Housing Forecast for Austin

The annual housing and economic forecast given by David Tandy, President of Texas national Title, conveyed strong growth for Austin & surrounding areas.

Below are the highlights of David Tandy’s presentation….the good and the bad:

Economic Positives for Austin:

Challenges Impacting Austin Real Estate:

Median Home Price & Months of Inventory – 30 Year History

The chart above reflects the median home price each year compared to the months of inventory in the Austin MSA over the past 30 years.  The lack of homes currently on the market has caused the median price to skyrocket in Austin and surrounding areas

156 Acre $2 Billion + Project Near Corner of Parmer Lane & FM 620

An Austin based developer has broken ground on a $2 billion – plus mixed-use project on 156 acres off of State Highway 45 toll road in Williamson county located near the corner of FM 620 and Parmer Lane.

The first phase, which includes approximately 600,000 square feet of office space, three upscale apartment communities and some lifestyle retail.

Changes to the Homestead Exemption Law in 2022

Put simply, the Texas homestead exemption is a tax break. Only primary homesteads qualify for the exemption and the homeowner must have a driver’s license with the address they’re claiming the tax break on.

Homeowners are only required to apply for the exemption once – it automatically renews each year thereafter.

The new rule went into effect January 1, 2022.  Homebuyers are now allowed to apply for the homestead exemption immediately after closing on their home and after getting their new driver’s license with the updated address. This allows homebuyers to receive the tax break on their homestead more quickly.

In previous years, when a buyer purchased a home, they couldn’t file for their exemption until the following January.

On May 7, 2022 there will be a vote on increasing the exemption from $25,000 to $40,000.

Best Places to Live Rankings

The Austin metro outranked other Texas cities on almost all categories of the U.S. News & World Report 2021-22 list of best places to live in the U.S.

The Best Places to Live ranking measures the nation’s 150 largest metros across the five following categories: Quality of Life Index, which carries a 26% weight; Housing Affordability Index (Value), 23.7%; Job Market Index, 21.2%; Desirability Index, 16.3%; and Net Migration, 12.8%.

Here’s how the Austin metro performed in each category, compared to the other Texas metros:

Quality of Life:

Job Market:

Net Migration:

Value:

Desirability:

Overall Score:

It’s no surprise, Austin has been the fastest-growing large metro in the U.S. for the last decade and has gained 34% population growth since 2010, according to the U.S. Census Bureau data.

Spring Cleaning

Springtime is right around the corner. While cleaning the inside is always the first on the list. What about the garage and those items throughout the house we forget about. Here are some Spring Cleaning items to add to your list. 

Garage

Garage