May 2022
Real Estate Market Report
AUSTIN, TX — The Austin-Round Rock MSA experienced a decline in residential home sales, while a slight increase in housing inventory coincided with a new all-time record for median sales price, according to the Austin Board of REALTORS® March 2022 Central Texas Housing Report.
Active Listings & Closed Listings
All three counties, Travis, Williamson and Hays have seen an increase in the number of active listings on the market during May. Travis county experienced a 21% increase in the number of homes for sale as compared to 3 weeks prior. Williamson county had an increase of 7% and Hays County 13%.
The number of homes sold also increased in Travis (16%) and Williamson (20%) counties as compared to three weeks prior. Hays county experienced a decrease in the number of homes sold by 13%.
Market Predictions by NAR Chief Economist
The National Association of Realtors Chief Economist, Lawrence Yun stated that the higher mortgage rates and severe lack of inventory are pushing up home prices which has meant housing costs have increased by 55% in the past year from a monthly mortgage payment of $1,686 on a $400,000 loan to a monthly payment of $2,606 on a $480,000 loan.
Yun predicts that the nation will see a 9% decrease in the number of homes sold in 2022, but that will be offset by a prediction of an increase of 8% in home values which will result in total dollar volume loss of only 1%.
Soaring Property Appraisals = Increased Property Taxes
Texas property owners recently received their property appraisals in the mail. In Travis County, the value of residential properties increased 56% compared to last year.
Fortunately, homeowners who occupy their home have a homestead exemption, so the increase is limited to 10% every year.
Investors with rental properties do not have that 10% homestead exemption cap and possibly feel the need to raise rents to cover the expense.
Ona bright note, on May 7, Texas voters approved a constitutional amendment to increase the homestead exemption from $25,000 to $40,000. The increase will take effect for the 2022 tax year.
Renovation, Repair and Construction Permits
Click here to view past permits pulled on properties in Austin. Enter the address to see what type of work was done on a property and to see the status on jobs approved or failed after city inspections.
To access the permitting departments in other cities, click here to see a list of website addresses for cities surrounding Austin.
Median Home Price by County
Texas is ranked 30th in terms of median price of homes. The median home price in Texas is $257,628. However, the median price of homes located in central Texas is a different story.
The dark blue shows counties having homes with a median price of less than $150,000.
Light blue shows counties with a median price between $150,000 and $350,000.
The light orange shows homes with a median price between $350,000 and $550,000, which includes counties such as Travis and Williamson.
Median Price 5-Year Trend
In comparison with the previous four years, 2022 has experienced a massive increase in the median home price when considering all MLS closed sales in the 5-county area of Travis, Williamson, Bastrop, Hays and Caldwell. The median price in the 5-county area reached $550,000 last month.
Things To Do In Austin Before It’s Too Hot
Outdoor Art Exhibits
- Contemporary Austin’s Laguna Gloria in Northwest Austin. Walk through the museum’s sculpture garden and stare at the Colorado River, which runs along the space. Laguna Gloria is free on Thursdays. www.thecontemporaryaustin.org
- James Turrell’s Skyspace at the University of Texas. Turrell’s Skyspace, The Skyspace is free to visit, but you must make a reservation. Reservations can be made at www.turrell.utexas.edu
- Zilker Botanical Gardens – Walk the trails and explore nature, art sculptures and water features. www.zilkergarden.org
Hop on a paddle board
- The Rowing Dock – 2418 Stratford Drive – www.rowingdock.com
- EpicSUP – 2220 South Lakeshore Blvd – www.epicsup.com
- Austin Paddle Shack – 600 East Riverside Drive – www.austinpaddle.com
Go for a bike ride
- Ladybird Lake
- Ann and Roy Butler Hike and Bike trail
- Through the UT campus
- McKinney Falls State park
Take a Hike
- Loop 360: 3755-B Capital of Texas Highway
- Gus Fruh: 2642 Barton Hills Drive
- Spyglass: 1599 Spyglass Drive
- Twin Falls: 3900 Mopac Frontage Road
- Trails End: 1710 Camp Craft Road
- Homedale Access Point: 2010 Homedale Drive
- Violet Crown Trail at Zilker: 2212 William Barton Drive