Austin Home Sales Up 30% to $23 Billion High Mark

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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.

Full ABJ article HERE

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: 

1. Competitive Land Procurement: Finding lots is no small feat in the Austin area. Much of the new development is taking place in the suburban areas surrounding the city. The counties to the north and east of Austin are exploding given announcements from major companies like Samsung and Tesla. Land values are skyrocketing amongst competition from an influx of national and international developers betting on Austin’s future. 
2. Lengthy Approval and Permitting Timelines: Like many governmental agencies, the City of Austin and its neighboring county jurisdictions are having a hard time keeping up a sheer number of permitting requests. There aren’t enough surveyors and engineers required for the professional services to get a piece of raw land to the point of permitting either. Once you do get there, the contractors charged with putting in critical neighborhood infrastructures like roads and sewers are backlogged too. 

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… 

Want more market insights? 📧 [email protected] 

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5160 AW Grimes #202 | Final Unit
3 BD | 2 BA | 1777 SF | $425,000 

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864 SF | 1 BD + Study | $475,000

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Courtney Oldham

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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.

Thank you for your interest, we will be in touch shortly!

Team Oldham Group | Moving Austin Forward | Courtney Oldham