Home sales in the five-county Austin metro took a dip in July for the first time since May 2020, according to a monthly report from the Austin Board of Realtors.
Residential home sales in the metro dropped by 9.9% to 4,041 as the market plateaued for the first time in over a year. Despite cooling sales, the market's home prices stayed hot, and broke a July year-over-year record with a median home price of $574,975. Home prices in the city of Austin dipped slightly from a median home price of $575,000 in June, ending a five-month streak of record year-over-year home sales.
Median year-over-year sales prices in the metro rose 37% to $480,000, a record for July, but fell just short of an all-time record of $482,364 set in June. As prices plateaued slightly in the metro, the ever-depleted monthly housing inventory also rose slightly from 0.8 months to 0.9 months of inventory. While still unhealthily low, the metro is showing a slight recovery from a frenzied first half of 2021.
While a slowing market, no matter how slight, is rare to see in Austin, MetroStudy regional director Vaike O'Grady said that prices aren't likely to drop significantly anytime soon.
"Austin is always considered one of the top places to live in the U.S., but we're losing ground due to shrinking housing inventory and affordability," O'Grady said. "With construction delays and regulatory barriers, builders and developers are having increasing difficulty getting new homes on the ground. Because of that, there's not enough supply coming to the market to significantly impact available inventory, which further pushes prices up. Looking ahead, there will likely only be new inventory available further out in the suburbs; meaning, other submarkets may gain traction over Austin."
The cooling market might instead point to seasonality as families go on vacation and enjoy their summer break. O'Grady said the market is still a gold mine for homeowners looking to sell.
"Seasonality has a hand in the increasing home sales growth across our region and nationally," O'Grady said. " If you're looking to buy or rent a home, don't miss this opportunity to take advantage of the market's slower pace. If you're looking to sell, don't mistake this dip as a cooldown—it's still an excellent time to sell a home."
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Whether you became a home chef when the pandemic began or have always enjoyed crafting delicious meals, it’s undeniable that no home is complete without a cozy kitchen.
Take a peek at these five gems on the market now.
In the South Austin Parten community, this castle-like four-bedroom, three-and-a-half bathroom stunner puts you just minutes from Austin, Dripping Springs and other nearby communities. Stark white and black contrasting features give the interiors a clean look, while a large curving staircase serves as a centerpiece for the ground floor. The chef’s kitchen is spacious, facing the living room and multiple windows, and immediately draws the eye. Upstairs you’ll find a spa-style bathroom, game room with a wet bar and Hill Country Views.This listing is held by Adam Zell and Lexie Zell.
This hyper-modern, 3,300-square-foot Scandinavian-styled home is a paradise for natural light in Hyde Park. With four bedrooms and three-and-a-half bathrooms spread across one story, the home rests on concrete columns to protect from extreme climate conditions. Inside, you’ll find crisp, clean trim in the open-plan kitchen with built-in luxury appliances and a walk-in pantry. Lofty 12-foot ceilings and gigantic windows set the tone, with a wet bar and second living room for entertaining. When you retire to the master bedroom, enjoy a warm bath in the soaking tub or enjoy the multi-output shower.
This listing is held by Austin Stowell.
In the heart of Westlake, this stacked three-story new build is a sprawling 4,483 square feet with five bedrooms and four-and-a-half bathrooms. The home is centrally located and full of natural light, especially on the open concept first floor, which includes the kitchen, casual dining space and living area. The third floor has a bedroom and loft, perfect for the at-home worker.
This listing is held by Jen Templeton and Cheryl Albanese.
This 3,539 square foot, three-bedroom, three-and-a-half bathroom Tarrytown townhouse is newly remodeled but still holds on to its vintage charm. Bright white cabinets, a green accented island and quartzite countertops in the kitchen give the space a cheery feeling. Entering on the second floor, you’ll have to walk downstairs to get to the bedrooms, which include ensuite baths and walk-in showers. The third level bonus room is the perfect place for an at-home office.This listing is held by Cindy Fowler.
Just outside Austin in the sleepy town of Wimberley, the Backbone Ridge Ranch is one of the city’s most “iconic and pristine” properties. On nearly 50 acres of land, the house takes you into nature without getting too far from nearby cities. With 4,369 square feet, six bedrooms and six-and-a-half bathrooms, floor-to-ceiling windows effortlessly light the entire space. You’ll feel like a celebrity chef while cooking in the kitchen, even more so entertaining from the outdoor kitchen and living space. The 33,000-gallon quarried limestone pool is perfect for those hot Hill Country summers!This listing is held by Nicole Kessler.
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Sample some spirits
When: 11:30 a.m. Friday, Saturday and Sunday
Where: Desert Door, 211 Darden Hill Rd. Driftwood
What: Attend Desert Door Distillery’s first Explorer Series of 2022. Guests will be able to sample Caliber on its own or in a delicious cocktail.
Eat some chili
When: 12 p.m. Saturday
Where: Sagebrush, 5500 S. Congress Ave.
What: Enjoy great chili and great music at the 14th Annual Chili Cold Blood Chili Cook-Off. All proceeds will be donated to Health Alliance for Austin Musicians in memory of Nick Curran.
Enjoy some local art
When: 4 p.m. Saturday
Where: Neill-Cochran House Museum, 2310 San Gabriel St.
What: The Neil-Cochran House Museum will host a multi-media art exhibition by Austin artist Nell Gottlieb, titled “Land as Persona: An Artist’s Journey.” Gottlieb works in multiple media to reexamine her coming of age, white and female in the Jim Crow South.
Catch some improv comedy
When: 7 p.m. Sunday
Where: GameOn! ATX, 1515 Dungan Ln.
What: ColdTowne ThrowDowne is an improv comedy tournament between troupes that will take place in front of a live studio audience and streamed live to the world on Twitch.
Catch a Johnny Cash-style show
When: 7:30 p.m. Sunday
Where: Georgetown Palace Theatre, 810 S. Austin Ave.
What: Experience music history with a unique musical about love and faith, struggle and success, rowdiness and redemption, and the healing power of home and family set to the tune of the legendary Johnny Cash.