The below graphic shows the shift in price points in Austin real estate transactions. It is a good way to see how prices are appreciating and the price ranges that are increasing or decreasing. I am comparing 2019 (the last “normal year”) to the Covid years of 2020 and 2021, and 2022 year-to-date (perhaps the first “new-normal” year). Some key takeaways:
- In 2019, 7% of MLS transactions in Austin were for homes over $1M. In 2022 so far, they represent roughly 23% of transactions
- In 2019, homes priced under $500K represented 66% of all MLS transactions in Austin! So far in 2022, they are just 20%!
- The biggest increase is in the higher price points, particularly those over $2M
The below graphic shows the median sold price as well as the price premium that homes have been getting. The premium trend-line shows homes are selling for more than their asking price, but the premium has dropped significantly this spring.
Overall transactions in Austin compared to last year are down -9.5%. Transactions have been in a pretty steady decline every week since the end of April.
Remember that real estate is hyper-local. What is going on elsewhere in the country, the state, or even the city may not be an accurate reflection of the real estate market in your neighborhood. If you are curious about the market value of your home, or would like to develop a plan for listing your home, please allow me to help!