Austin’s housing market is continuing to stabilize as the home price increase percentage has dropped to single digits for the first time since June 2020.
According to the Austin Board of Realtors July 2022 monthly market statistics report, the Austin-Round Rock metro area reached 2.7 months of housing inventory, the highest level of inventory since November 2018.
The current median house price sits at $515,000, up 8% year over year, but down from June 2022’s median price of $537,475.
What’s changed since June?
Listings are up and they are staying on the market longer
As of July, listings are up by 167% with 8,709 active listings in the Austin-Round Rock area—almost 2,000 more than were on the market last month. Inventory jumped up from 2.1 months and listings were up by 217% last month, which was a breath of fresh air for a suffocating market.
And you’ve got more time to shop around—in July, houses stayed on the market for an average of 22 days—up from 18 days in June.
Realtors are setting expectations
While it may have been more normal to sell a home for tens of thousands over the asking price until recently, ABOR President Cord Shiflet said Realtors are now working to adjust expectations for sellers, saying it's not uncommon for houses to sell slightly below asking anymore.
“In every aspect of our market Realtors are seeing positive signs that Austin’s housing market continues to normalize,” Shiflet said in a release. “Homes sold slightly below list price for the first time since December 2020, proving that buyers are gaining negotiating power in the market.”
Shiflet said this is a positive shift that will allow more people to enter the market, though that doesn’t mean elected officials should turn their back on housing.
“There is a lot of work to be done to address both the present and future of housing in our region,” Shiflet said. “We need elected officials who will prioritize housing, and our community needs to work together to find solutions so that anyone that wants to buy a home in Austin can do so within their budget.”
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Timmy and Tommy are ready to play.
As the 2-month-old white-and-tabby brothers swat feather wands, chase toys and generally hold court inside Purr-fecto Cat Lounge, a half-dozen potential adoptive parents look on lovingly, trying to get their attention.
“This is kind of like the speed dating of cats,” said Lupita Foster, owner of Purr-fecto Cat Lounge. “I intentionally didn’t put in any tables. That’s why we call it a lounge instead of a cat café because we have these lounge areas where you can sit and relax and cuddle.”
Foster, who has owned a cleaning company, Enviromaids, for 18 years, was inspired to open Purr-fecto Cat Lounge after adopting her own cat, Romeo, from a local shelter.
“When you want to adopt a cat, you have to spend a lot of time with them to get their personality,” Foster said. “I wanted to do something to help the community and something that makes me feel good, that warms my heart. A business with a purpose. This was a perfect idea.”
Actually, a purr-fect idea.
Inspired in part by a cat lounge she visited in Los Angeles, Foster began laying the groundwork for the business in late 2021 and officially opened the doors of Purr-fecto Cat Lounge, located at 2300 S. Lamar Blvd., in July 2022. Since then, she’s worked with rescue organizations such as Fuzzy Texan Animal Rescue and Sunshine Fund Cat Rescue to facilitate nearly 100 cat adoptions.
At any given time, there are 10-15 cats living in the space, which features an ideal blend of calm, cool corners and adorably Instagrammable backdrops with phrases such as “I want to spend all my 9 lives with you.”
Lina Martinez, 32, learned about Purr-fecto Cat Lounge from a friend’s Instagram post and made an appointment to visit two days later.
“My first impression was, ‘AWW!’” Martinez said. “The kittens were to die for. I felt happy and at peace – just what I needed.”
Visitors to the cat lounge pay $15 for a 30-minute CATXperience session or $30 for a 70-minute session that is spent getting to know the personalities of each cat. Foster said the first thing she typically sees from visitors to the lounge is a smile.
“Everybody that enters the door is smiling,” she said. “And we’ve seen people who have cried because they can’t have kids and they decide to go and adopt a cat instead.”
Foster said she loves bringing in cats who might not have a chance to be adopted at traditional shelters. She told the story of one cat named Izzy, who was partially blind, who was adopted by a family that had a deaf cat at home.
“Izzy was not going to get adopted anywhere else, but she’s extremely beautiful,” she said. “If she was in a cage in a rescue and you tell people she’s blind, she was probably going to be overlooked. But visiting our space, she doesn’t seem like she’s blind. She knows her way around. She moves around perfectly.”
Although Martinez, who had been casually looking for a pet to adopt since moving to Austin nearly four years ago, was interested in a cat named Ruby that she had seen on Purr-fecto’s social media, at the lounge she instead found herself drawn to 5-month-old mixed breed Tuxedo cat.
“I thought he was a star,” she said. “He worked the room and introduced himself to everyone. When I laid down to pet Ruby, he ran from the other side of the room and cuddled with me. It was game over. He got me.”
And she, of course, got him, complete with a commemorative photo that read “My Furrever Family” the day she took him home. Although his original name was Emmanuel, she renamed him Sullivan after her favorite DJ.
“Purr-fecto is special because of the amount of effort and love they put into taking care of the cats,” Martinez said, “and finding them good homes and making possible adopters feel at home.”
Foster, who spent a recent Thursday hosting a group of teenagers in foster care at the lounge, several of whom expressed interest in working there, said the best part about her new endeavor is that her heart is always full.
“I just feel complete,” she said. “I always felt as an entrepreneur that I was missing something. I knew I accomplished a lot, but in my heart I was missing a little connection with the community. Now I’m creating connections between humans and pets and that’s amazing. I’m creating family bonds. It’s just about love, you know. And we need that.”
We all have those cravings for an amazing butter chicken or some authentic dosas with coconut chutney, but when I was thinking about where I wanted to go to satisfy my taste buds I realized that my list of great Indian food around Austin was surprisingly short. After doing some research and asking around, here is your list of the best Indian restaurants around town.
This restaurant claims to have the most authentic South Indian food, and from what I've heard, the claims might be true! Their menu features the traditional South Indian dishes of Idlis, Vadas, a variety of Dosas, and more.
If you're looking for an Indian and Tex-Mex fusion cozy restaurant, then look no further! Nasha on East 7th Street prides itself on its specialty margaritas, Tikka con Queso, Biryani, and more creative dishes!