The Siena Round Rock real estate market saw explosive growth in the first quarter of 2022. Across the board, the market saw the growth from 2021 matched or amplified in Q1 of 2022. In many ways, the Siena real estate market is right in line with the overall market in the greater Austin area but it is different in other areas. For the Austin area as a whole, the market is up from 2021 but some numbers are starting to slow the pace at which they are growing with the number of home sales and the level of home prices increasing less than they did at this time last year.
Across the board, the market saw the growth from 2021 matched or amplified in Q2 of 2022 housing market.”
Kyle Pfaffe, Siena real estate expert.
For Q1 of 2022, the median price rose to $505,000, a 44% increase over the same time last year. To put this in perspective, the median price for all of 2021 was $420,000 – a 39% increase for the year. Are these price appreciations sustainable? What will happen in the rest of 2022? I’ll answer those questions at the end.
The number of homes sold in Q1 of 2022 was up 16% with 65 total homes sold. In all of 2021, there was actually an 8.5% decrease in total sales so this positive number is telling and suggests strong growth in 2022. While prices rose, the average time a home in Siena spent on the market before accepting an offer dropped – down 15% from last year to only 17 days.
One encouraging sign for the overall health of the Siena real estate market was the uptick in the number of new listings. The number of new listings grew 27% to 66 homes for Q1. At the same time, the volume of real estate sales rose 70% to $34.1 M and the average price per square foot of sold homes in Siena grew 39% to $236/ft.
What does this all mean for Siena residents?
When home prices rise, most people’s first reaction is something along the lines of “Great! My home is worth more!” There are some positive effects of rising home values – more equity if you sell, equity to pull out if you refinance, and overall wealth creation. But there are also some negative effects, especially seen by the people who want to stay. They can’t sell if they wanted to because limited inventory means there is nowhere to go. Oh, and property taxes are going UP (check out the replay of my webinar on protesting your property taxes if you want more info about that).
What will happen in the Siena real estate market the rest of 2022?
I am starting to see some different trends in our real estate market that I think are noteworthy. Interest rates are rising and affecting buyers purchasing power. Rising prices are pushing many first-time home buyers further out to areas like Jarrell, Georgetown and Elgin. Inventory is rising ever so slightly across the area. I believe that the explosive growth we saw in 2021 re-established the baseline for housing growth in Siena. We will not see that level of growth again – it would be almost impossible to replicate. Now that the new normal has been set, we will see strong growth compared the rest of the year, maybe thru 2023, closer to the range of +/- 15%. International events, interest rates and a possible national recession could have a more significant impact depending on how the current presidential administration handles them.
Would you like to sell your home in Siena? Fill out this form at SienaToday.com/sell and we can start the conversation. You can also receive a Free, INSTANT Home Value Estimate by visiting my website. Curious about other homes for sale in Siena? Check out available properties with plenty of demographic, trends, and other info.
Kyle Pfaffe | Realtor® | 512-636-9707