Home prices in Georgetown, Texas, have been on the rise in recent months, with the median home price in February 2023 at $451,700, compared to $465,000 in February 2022. This marks a 2.9% drop, though the median price rose from the months of January and December. Homes spent an average of 69 days on the market in February, up from the 15-day waiting period in February 2022. The number of active listings also increased from 28 to 329 in that timespan.
Pending sales have stayed consistent, remaining at 116 year over year. The number of homes available has increased over the last year with three months of inventory in February 2023 compared to February 2022’s 0.2 months of inventory. Experts believe the recent trends indicate a more-balanced market.
The Home Builders Association of Greater Austin CEO Taylor Jackson said, “With each passing month, homebuilders are gaining more confidence in the stability of our housing market. This is evidenced by fewer cancellations and minimized supply shortages.”