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Home prices, sales shoot up for another year of Austin's housing frenzy

(Shutterstock)

Median home prices shot up 30.8% from 2020-2021 in the Austin metro as housing demand continued to outweigh supply for the year.


As Texas' median home price climbed past records for the seventh straight year to reach $300,000, Austin's reached even higher, rising to $450,000.

Here's a look at 2021's housing trends:

  • There were 41,401 home sales in the metro in the year, up 2.7% from the year prior.
  • In Texas, home sales increased 6.2% to reach nearly 417,000 sales
  • The state's median price per square foot raised 16.9% to $150, a 35.6% increase since 2017
  • Housing inventory stayed critically low with just 0.6 months of stock
  • State housing inventory plunged by 0.4 months to 1.2 months of inventory
Some of the housing frenzy could soon be at least partially over, but supply chain issues could cause new construction to stay behind the curve, according to Luis Torres, Ph.D., a research economist with the Texas Real Estate Research Center at Texas A&M University.
“Rising mortgage rates will weaken housing demand and subdue some of the housing price pressures in 2022," Torres said. "The housing market will remain strong with the major headwind being the low inventory of homes for sale especially in the lower price ranges... Expected improvements in supply chain issues should mitigate some of the costs facing builders in the coming months, but new home construction is expected to lag housing demand.”
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What's new in Austin food & drink this week:

  • Nau's Enfield Drug closing after losing their lease. Did McGuire Moorman Lambert buy the building, with its vintage soda fountain?
  • Nixta Taqueria Chef Edgar Rico named to Time Magazine's Time 100 Next influencer list, after winning a James Beard Award earlier this year.
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