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Throughout 2021, home sales in the Austin metro area added up to more than $23 billion, more than 30% higher than in 2020, according to new data from the Austin Board of Realtors.
This was partly due to a record-high number of homes sold — 41,316 total, 2.5% more than the previous year — but rising prices can take most of the credit or blame. Median prices rose 31% percent in 2021, for an annual average of $450,000.
In December, the median price in the metro reached $476,700. In the Austin city limits, the median price hit $555,000, up 19.4% year over year.
The U.S. housing shortage remains in the millions. While that level of demand is exciting to those in the building industry, it’s never been more challenging to deliver the end product.
Here’s what I’m seeing:
3. Material and Labor Shortages: The ripple effect of the pandemic has caused supply chain challenges and material shortages throughout the building industry. Paint, HVAC ducts, and appliances are all in short supply causing delays in construction. Labor shortages have been well-documented throughout the US economy, the building industry is no different. Finding skilled and reliable contractors remains challenging as we go into 2022.
4. Cost Escalation: Plain and simple, material costs in almost all facets of construction have increased. From paint and nails to windows and lumbers, everything that goes into a home costs more along with the labor to build it!
2022 Forecast: We hope to see a more normalized supply chain as we get later into the year so that construction timelines can become more predictable. However, the cost of land acquisition, development, and labor will likely continue to tick upward in the Austin area. If you’re waiting for prices to go down, that’s probably not going to happen anytime soon so jump on in…
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Here are 5 Things I’m LOVING this week!
NEW LISTING LOVE
ONE OAK | BOULDIN CREEK
Starting at $425,000 | New Construction
One Oak exemplifies why Austin, Texas has time and again been voted the country’s most livable city. Located in a setting that allows residents to enjoy a perfect balance of nature and city life, One Oak on Bouldin Creek in South Austin seamlessly blends a perfect balance of nature and city living. MORE
I’M DROOLING OVER
P. TERRY’S BURGER STAND
20 Locations in Austin and growing! I had the pleasure of hearing Kathy and Patrick Terry speak on Monday. They shared their story and the fundamental principles that have defined their brand. They are adamant about quality, taking care of their brand and protecting their people! Did you know Kathy baked birthday cakes for every employee for the first 8 years!!! MENU
TIME TO EXPLORE
VIRGIN ATLANTIC AUS to LHR
Alright, Alright, Alright! Austin, you’ve got the #greenlight to travel in style to the UK! Virgin Atlantic will be launching services from Austin to London. This marks another service that will launch at ABIA this year as carriers double down on the local airport because of Austin’s booming economy and fast-paced population growth. ABJ ARTICLE
AUSTIN MUSIC AWARDS
MUSIC POLL 2021-22
The Society for the Preservation of Texas Music, The Austin Chronicle, and Capital Metro presents the 40th Annual Austin Music Awards, Music Poll. Here’s your change to VOTE for your favorite bands and artists in Austin! VOTE
NEW TO THE AUSTIN SCENE
TEX HEX IPA SERIES: BRUJA’S
The brewery behind Texas’s iconic Shiner Bock has launched the first in its new, three-beer Tex Hex IPA series: Bruja’s Brew. Bruja’s Brew is an India Pale Ale made with cactus water and Amarillo hops—an ode to the brand’s Texas roots. MORE
CAN’T MISS EVENT
LE GARAGE SALE
Palmer Events Center | 1/22 & 23 @ 11 AM
3M HALF MARATHON
Sunday, January 23 7:30 AM
Run Downhill to Downtown! The 3M Half Marathon presented by Under Armour boasts one of the fastest 13.1-mile courses in the country and will celebrate its 27th year running on Jan. 23, 2022. More than 7,000 runners took to the Austin streets in 2020. Runners will enjoy a point-to-point course with mostly downhill running that showcases some of Austin’s finest locations. SIGN UP
5160 AW Grimes #202 | Final Unit
3 BD | 2 BA | 1777 SF | $425,000
800 Embassy #216 | Tyndall
864 SF | 1 BD + Study | $475,000
East Austin | Redevelopment Lot
.3588 Acres | Buyer Representation
Hill Country Lot | Sunset Canyon
2.2 AC | Multiple Offers
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COMPASS CURATED MAGAZINE: Enjoy this complimentary compilation of the most prestigious properties Compass has to offer. JANUARY CURATED
AUSTIN AREA MARKET STATS: For those who love a good spreadsheet, here are the latest Austin market stats broken down by month and zip code. DEC STATS
BUYER GUIDE: It’s not easy buying in a market with rising prices and limited inventory. We can help you through the process. BUYER GUIDE
SELLER GUIDE: How do you make sure you get the most money for your home? From pricing to marketing, we’ll customize a plan to ensure you get the most money for your home. SELLER GUIDE
LIVE MUSIC: Austin is the Live Music Capital of the World. Here’s Austin Chronicle’s Live Music Line up for this weekend. LINK
© Compass 2022 | All Rights Reserved by Compass | Made in NYC
The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.