Several months ago I posted Austin housing price distribution. Even though we saw a market shift begin in March-April 2022 and month-to-month price erosion during the second half of the year, that summary showed that 2022 in total continued the metro area’s growth in higher price ranges.
With half of 2023 now behind us I want to provide an update with this chart:
You can see a full 10 years’ history in the original post linked above, but this abbreviated comparison is useful.
The percentage of homes sold in all price ranges above $300,000 dipped in the past six months compared to all of 2022 — a total of 2.6%. The small increases in sales between $200,000 and $300,000 made up for that shift. The change in unit sales moved the median price of all homes sold down more than the average price, and we saw broad declines in sale prices for the first time since the Great Recession in 2008-2011.
The is another important feature of this new chart, however: the comparison of this year’s sales by price range with those in 2021, just 18 months ago. Over that time, the percentage of sales increased in all price ranges above $300,000, and both average and median prices across the market increased slightly. Compared to 2020, both average and median prices now are up 33%!
As I have noted a number of times over the past several months, owners of homes purchased in the past 18 to 24 months may well have lost some equity, but the vast majority of home owners in the Austin metropolitan area are still ahead of their purchase prices. Our market transition continues toward more normal and predictable conditions, and the underlying strength of our regional economy and housing market continue. (See Market Dashboard for more.) I’ll keep watching and reporting here.
Bill Morris on Austin Real Estate 
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