The Austin Board of Realtors initially predicted a cool down in July of 2022. | Photo by @mr.vallabha
Here’s the good news: the Austin Board of Realtors confirmed that the housing market began to cool down in 2022. Home sales declined by 18.3% and inventory climbed to 2.7 months in the Austin-Round Rock metro area since November — two months more inventory than was available in December of 2021.
The not-so-good news: the metropolitan area set a new annual median house price of $503,000, an 11.4% increase since last year, and mortgage rates are on the rise.
But compared to the last two years of Austin’s fast and furious real estate market, ABoR president Ashley Jackson predicts the cooling trend will continue into 2023 as bidding wars die down and homes sell below asking price.
Meanwhile, Zillow’sDecember 2022 report says the real estate market is now “ice cold” and Austin has dropped out of the top 10 hottest real estate markets, a list our city topped in 2021. According to the report, Austin’s homes are staying on the market for an average of 68 days and are unlikely to sell above asking price.
In the meantime, here’s the state of the housing market in the City of Austin.
Living in Austin proper is going to cost you the more than the suburbs, with a median sales price of $525,250, which has fallen by 4% since November. Closed sales dropped by 47% and houses are staying on the market for an average of 54 days, 28 days longer than the month prior.
Although selling tends to slow down in the colder months — new listings are down by 24% — active listings shot up by 227%. A market is considered ‘healthy’ at six months of inventory, but Austin is showing promise at just over two months.
Are you planning on buying anytime soon? Let us know below.
Good Egg Bad Egg | Monday, Jan. 23 | 9:30-10:30 p.m. | Fallout Theater, 616 Lavaca St., Austin | $5-$7 | This stand-up comedy show gives local comedians a place to try out brand new jokes.
Wednesday, Jan. 25
Cinderella | Wednesday, Jan. 25-Saturday, Feb. 4 | 7:30 p.m. | ZACH Theatre, 202 S. Lamar Blvd., Austin | $25-$95 | This Tony-nominated musical fairy tale will put a spell on audiences of all ages.
The Drakes | Wednesday, Jan. 25 | 6-7:30 p.m. | The Saxon Pub, 1320 S. Lamar Blvd., Austin | Free | This local rock band is made up of all “sidemen.”
Dripping Springs Farmers Market | Wednesday, Jan. 25 | 9 a.m.-12 p.m. | The Pound House Farmstead, 419 Founders Park Rd., Dripping Springs | Free | Shop from the market’s new location.
Thursday, Jan. 26
Prixmo, Dodo, and Foxtales | Thursday, Jan. 26 | 9 p.m.-12 a.m. | Hotel Vegas, 1504 E. 6th St., Austin | $10 | Catch three local bands for one at this late-night show.
Friday, Jan. 27
Ginuwine | Friday, Jan. 27 | 8 p.m. | ACL Live, 310 W. Willie Nelson Blvd., Austin | $38-$58 | The iconic R&B singer will be in Austin for one night only.
We have a calendar filled with events and activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.
Every beer is non-alcoholic (0.5% ABV or less). | Photo by Athletic Brewing Company
You might even have more fun.
Athletic Brewing Company makes non-alcoholic beer you can drink without sacrificing feeling your best. It tastes great, has all the variety from IPAs to goldens, and has even won awards. (Read: Even beer snobs think it’s good.)
The Longhorns women’s track team set world records in two events over the weekend during an Albuquerque invitational. Graduate student Julien Alfred ran the 60-meter dash in 7.02 seconds, while junior Rhasidat Adeleke sped through the 200-meter dash in 22.52 seconds. (KXAN)
Development
In with the new. The recently closed Violet Crown Clubhouse space, which shuttered on Sunday, Jan. 15, will be transformed into a coffee shop and natural wine bar that is expected to open in spring. 🍷 (KVUE)
The Northwest Austin area is gaining two children’s hospitals: a Cedar Park Dell Children’s Hospital that is expected to open in April, and a Texas Children’s Hospital near Anderson Mill that is expected to open in February 2024. (Community Impact Austin)
Event
The Moody Center is giving away four tickets to see the Harlem Globetrotters, plus an opportunity to be the ball kid, on Friday, Feb. 10. The contest opened this morning and closes on Sunday, Jan. 29. 🏀 (KXAN)
Open
Birds Barbershop opened its ninth Austin location at 3707 W. William Cannon on Friday, Jan. 20, and to celebrate, the shop is donating the first week’s proceeds to the Central Texas Food Bank. Book an appointment at the “Saved by the Bell"-inspired space. ✂️
Ranked
TripAdvisor ranked Austin No. 23 out of the top 25 most popular US destinations, saying the city’s “spectacular entertainment districts, ubiquitous culture and top-notch restaurants,” make Austin shine. Oh, and its 250+ music venues.
Travel
Scott’s Cheap Flights is going, going... going. The travel membership that saves you hundreds on flights has a new name, and in honor of the rebrand, you can get 30% off aPremium membership with code 6AMCITY30. What you’ll get: last minute weekend trips, mistake fares, and early deal alerts. Hurry — this offer ends tomorrow, Jan. 24. ✈️*
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No, the name isn’t just a coincidence. | Photo by @john.h.gamez
Ah, Round Rock. This northern city, flanked by Cedar Park and Pflugerville, is home to 123,876 residents, making it Austin’s most populous suburb.
And it was named after a round rock in a creek. No, we’re not joking.
The community was founded in 1851 as a settlement along Brushy Creek, marked by a round-ish, table-shaped stone at an integral low-water crossing for travelers. Although the town was originally named after the creek, it would be renamed to “Round Rock” in 1854 in the rock’s honor.
According to the Texas Historical Commission, wagon wheel tracks are still visible at the bottom of creek.
You can see the very same rock today at Chisholm Trail Street in the middle of Brushy Creek. Many of the surrounding post-Civil War era buildings, including the city’s first post office and Owen House — a.k.a. the Saint Charles Hotel — still stand.
THE WRAP
Today’s issue was written by Figi.
Editor’s pick: I recently picked up the art of crochet, and I’ve nearly forgotten how to do anything else. A question for my fellow fiber aficionados: where is the best local store to buy yarn? Save your recommendations for Austin Creative Reuse — I’m already a card-carrying member.
Editorial:Laura Figi, London Gibson, Britt Thorson, Emily Shea, Jessalin Heins-Nagamoto, Dayten Rose, Sarah Leonhardt, Katie Smith | Send us a scoop, question, or feedback.
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