The housing market in Williamson County remained a more affordable alternative to Austin and Travis County based on an analysis of August residential home sales in the region.
Slower sales in the last two years also shifted prices slightly downward to make it more of a buyer’s market.
There was a significant decline in the number of houses sold across the region in August — the most recent figures available — compared to the same month last year.
According to sales records, median prices on 23 houses sold in the Taylor area for August were down 4.4% to $325,000.
In the Hutto area, the 54 sales in August were half of what they were the same month in the last two years, stats show.
The median sales price was $370,000, which is fairly flat compared to last year and a 15% decline from 2022.
Overall, residential home sales were down 10.4% for the period to 2,591 homes in the five counties that make up the Austin-Round Rock-San Marcos Metropolitan Statistical Area, according to data from Unlock MLS and the Austin Board of Realtors.
The median sales price was down 4.4% to $439,990 last month and inventory was up 1.1 months to 4.9 months.
In Williamson County, the 857 houses sold last month was down 12.6% from last year and the median sales price declined 3.3% to $428,500. Active home listings, however, were up 14.1% with 3,643 houses for sale across the county.
“Buyers currently have more leverage in this market than previous years and it’s important for sellers to price their homes attainably to reflect current market conditions and attract more buyers,” said Clare Knapp, housing economist for Unlock MLS and the Austin Board of Realtors.
The Federal Reserve is expected to cut the prime lending rate — at which banks borrow from other banks — later this month after an extended period of keeping it high to combat inflation. Those rate cuts eventually trickle down to the consumer mortgage market, but Knapp said don’t expect it to make much difference.
“Even if rates drop to 6%, it would only provide a modest 2% boost in buyer purchasing power. In today’s market, a moderation of home price — rather than interest rate — is what will drive sales,” Knapp said.
At the height of the crazed competition for available houses in 2021, a much tighter inventory and high demand had houses in the area selling for more than list price, including cash offers.
This August, houses were selling on average at 93.3% of list price, down about one percentage point from last year.
While Williamson County housing prices weren’t as steep as Travis County’s median of $507,975, the counties of Hays and Bastrop were even more affordable.
Caldwell County weighed in with the best affordability in the region at a median sales price of $294,495.
Economist Knapp said earlier this year that upcoming job growth in East Williamson County will increase demand for homes there and the surrounding area, but housing supply will lag behind.
