Active listings in Austin swelled by nearly 150% May 2021-2022 as the region begins to recover from the "dangerously low" housing inventory of the pandemic housing frenzy, according to the latest Austin Board of Realtors report.
For the first time since September 2020, the metro saw 1.2 months of available inventory, up from a critically low 0.4 months in early 2020. Still, median home prices continued their ascent and increased almost 20% year-over-year to tie April's record of $550,000.
Austin's inventory rose by 0.7 months form May 2021-2022. (Austin Board of Realtors)
While Austin's housing market has seen some signs of decline—residential home sales declined 6.7% year-over-year—available homes still spent 15 days on the market, a day less than May 2021. Texas A&M University research economist Adam Perdue said that while a crash is not imminent, prices should begin to stabilize as the number of available homes continues to increase.
“The Austin region saw dangerously low levels of inventory, as low as 0.4 months of inventory in January 2021, so this slight increase in inventory and active listings point to the market beginning to normalize," Perdue said. "While year-over-year price increases will continue to remain high, we project them to fall slightly lower than the long-term trend we’ve monitored over the past two years.”
Still, Perdue said that Austin's "bubble" isn't likely to burst anytime soon.
“The Austin housing market has experienced a multitude of factors that have influenced its current state, one of those being the high influx of companies and individuals migrating to the area both from within Texas and out-of-state, which has contributed to a strong and diverse economy attractive to people seeking opportunity," Perdue said. "These migrations of individuals and companies will continue to happen, especially as Austin is relatively affordable compared to some out-of-state markets when it comes to owning a home and operating a business."
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With major entertainment events slated for October, the Austin-Bergstrom International Airport is gearing up for a busy month.
Artists and music lovers are set to pack into Zilker Park for The Austin City Limits Music Festival in the coming two weekends. Following that, Formula One will bring racing fans to the Circuit of the Americas.
For those two events, the airport is anticipating high passenger days with 30,000 or more people departing flights.
ABIA recommends arriving at least two and a half hours in advance for domestic flights on those days. For ACL, it's expected on both Sundays of the festival along with the Monday and Tuesday after. The F1-driven high passenger days are expected on Oct. 20-21 and Oct. 23-26.
\u201c#AustinCityLimits visitors, you\u2019re in for a weird and wild ride \ud83e\udd18\u262e\ufe0f \n\nFlying in or out of our airport? We got firm and fun tips for you: https://t.co/RawVRalOXN\u201d— Austin-Bergstrom International Airport (AUS) (@Austin-Bergstrom International Airport (AUS)) 1664894083
F1, especially, could draw in loads of travelers as the three-day event saw 400,000 attendees last year. ABIA warns that highways leading to the airport may see even higher traffic than usual around the event and that travelers should plan their route accordingly.
Bailey Grimmett, a spokesperson for ABIA, said travel numbers come in 24 hours in advance. So, it's hard to predict if the airport will see travel volumes at the same levels that have happened around previous F1 races or if it'll top ACL's flight traffic.
Still, she says historical knowledge points to a chance for it.
“We've had that Monday after F1 break the record for single busiest in airport history," Grimmett said. "So context clues I would say yes, but I can't confirm that. But the historical background points to that."
In anticipation of the high volume of flyers, the airport received additional TSA officers for security screening through the end of October. To prepare even further, the Department of Aviation and partners hosted a job showcase and hiring fair to address the continued labor shortage the airport has experienced.
Relief from hectic travel days is on the horizon with November likely to see a slowdown.
"I don't anticipate it will be as busy as October just because we don't have as many events going on," Grimmett said. "Thanksgiving is kind of our primary holiday that we see a lot of passengers coming in and out of the airport."