The Austin Housing Market – Annual Sales

Austin Home Sales By Year

The Austin Real Estate Market saw a decline in sales in 2008 compared to previous years as shown on the chart to the left.

While the number of listings which did not sell remained around the average for the last five years, proportionally more homes did not sell (listings were expired or withdrawn).

New home starts in Austin were down from 12,400 in 2007 to 8000 in 2008 and are predicted to be at around 6000  in 2009.

Did my Austin home go up or down in value? That really depends on your neighborhood and your home. The median price of sold houses actually dropped 0.87%  from 2007 to 2008, though this might not correlate to an actual drop in a particular home’s price.

Austin Homes - Median House Prices

The chart to the right shows the change in annual Austin house prices. Data for this article focuses on the single family residential market for houses in the City of Austin. The story for condos, town homes and duplexes is slightly different.

There is less new construction in Austin, but the area is experiencing growth. When the public perception is that there’s a buyer’s market, and consumer confidence returns, I would expect demand to return. With less housing supply, the market may recover quickly.

Useful resources:

• What’s my Austin Home Worth?
• see Austin TX Houses For Sale
  
• Contact an Austin Real Estate Agent