What's On the Horizon

September 2021

Real Estate Market Report

AUSTIN, Texas – According to the Austin Board of REALTORS® (ABoR) August 2021 Central Texas Housing Report, home sales decreased 4.6% compared to August 2020. The data indicates the market is calming as typical seasonality has returned in terms of number of closings, even as median sales prices maintained the gains made over the course of 2021. Despite setting a record for the month of August with a median sales price of $470,000 across the MSA, prices are no longer increasing at a significant rate month to month.

Statistics for Homes in Austin-Round Rock MSA

Top 3 Real Estate Markets Expected to Grow in 2022

Housing prices seem poised to skyrocket in these markets for 2022. 

To determine the real estate markets expected to grow the most in the next year, researchers at Porch analyzed data from Zillow, Redfin, and the U.S. Census Bureau. Its researchers calculated the forecast one-year change in home price, previous one-year change in home price, sale-to-list price ratio, and the home price-to-income ratio. To improve relevance, only metropolitan areas with at least 100,000 residents were included.

3rd Place:  San Diego, California
Forecast one-year change in home price: +24.7%
Previous one-year change in home price: +19.6%
Current median home price: $754,557
Sale-to-list price ratio: 103%
Median household income: $83,985
2nd Place:  Phoenix, Arizona
Forecast one-year change in home price: +26.2%
Previous one-year change in home price: +23.5%
Current median home price: $367,484
Sale-to-list price ratio: 102%
Median household income: $67,896
1st Place:  Austin, Texas
Forecast one-year change in home price: +37.1%
Previous one-year change in home price: +30.5%
Current median home price: $458,885
Sale-to-list price ratio: 109%
Median household income: $80,954

Weekly Trend of Number of Active & Sold Homes

The chart above shows the number of active homes and sold homes in the Austin – Round Rock MSA over the past 3 months. 
The inventory of homes has steadily increased over the past several months since the lowest dip in mid-February at 974 homes on the market.  The third week of September shows 3,825 homes on the market.
The number of homes sold has subsided over the past few weeks with only 586 homes closing the third week of September as opposed to 840 homes closing the third week of August.

219- Single Family Rental Community Coming to Hutto

The community, which will be located at 1616 CR 137 will consist of two, three and four bedroom homes. This will be a viable options for people wanting to leave apartment living behind. The project is slated to begin early spring 2022.

New Property Tax Rate for 2021

A new property tax rate for the City of Austin was approved last month.
The City of Austin adopted a tax rate that will raise more taxes for maintenance and operations than last year’s tax rate.
The tax rate will effectively be raised by 4.7% and will raise taxes for maintenance and operations on a $100,000 home by approximately $19.40.
This year’s voter-approval tax rate is $0.5542 per $100 of home value.

Past Decade of Population Growth

The City of Austin’s population grew by 21 percent to 961,855 persons over the last decade, according to official 2020 census numbers released by the U.S. Census Bureau in August. 
Austin remains the 11th largest city in the country, and trailed only New York City, Houston, and Fort Worth in the rate of population increase since 2010.  
Over the past decade, Austin was the second-fastest-growing major city in Texas behind Fort Worth, which grew nearly 24 percent.
During the past year, Austin became the fastest growing big metropolitan city in the country.  According to U.S. Census Bureau figures, Austin’s multi-county metro population increased to an estimated 2,295,303 people. This was a 3 percent increase from the previous year, making it the fastest population growth among metros with at least 1 million residents.
In terms of raw population growth, the Austin metro averaged 184 new residents every day. That includes a natural increase of births minus deaths, as well as net migration, which accounts for people leaving the Austin area.

Want to Add a Second Structure to Your Property?
Check Out the Zoning on Your Property….

Click here for Austin Zoning Map
Click here for Leander Zoning Map 
Click here for Round Rock Zoning Map
Click here for Pflugerville Zoning Map

Fall Lawn Tips

Fall is the forgotten season when it comes to caring for your lawn and landscape. Many people just focus on cleaning up leaves and don’t realize that their yard still needs care in order to keep it in good health for the next spring. Here are some tips to keep your yard healthy.