As the community of Siena Round Rock continues to grow, many homeowners are curious about how the housing market is performing in their area. We want to provide a report on the performance of the market in 2022 now that the dust has settled on a up and down year behind us. In terms of the number of homes sold, there were 387 homes sold in 2022 with a median sales price of $408,500 and a median price per square foot of $176. The median days to sell was 14, and the sales volume for the year was $107,412,162.
When comparing the housing market performance in 2022 to 2021, the data shows that there was a decrease in the number of homes sold by 5.38% from 409 to 387. The median sales price decreased by 2.63% from $420,500 to $408,500, while the median price per square foot decreased by 2.21% from $181 to $176. The median days to sell a home doubled from 7 to 14 days, indicating a shift towards a more balanced market. The sales volume decreased by 16.85% from $129,235,806 to $107,412,162.
The Siena housing market experienced a significant slowdown in the second half of 2022 compared to the first half. From January to June, a total of 250 homes were sold, but from July to December, the number of homes sold dropped by 45.20% to just 137. This decline in home sales is reflected in the decrease in sales volume, which dropped by 48.92% from $71,097,028 in the first half of the year to $36,315,134 in the second half.
The median sales price also decreased by 12.50% from $432,000 in the first half of the year to $378,020 in the second half, and the median price per square foot decreased by 11.23% from $187 to $166. The median days to sell a home increased from 10 days in the first half of the year to 24 days in the second half, representing a 140.00% increase.
The second half of 2022 was marked by various factors that contributed to this slowdown in the housing market in Siena. One of the primary factors was the rising interest rates, which made it more difficult for potential homebuyers to secure favorable mortgage rates, leading to a decline in demand. Additionally, the ongoing issue of inflation also affected affordability, making it harder for first-time homebuyers to enter the market. These factors combined with a decrease in inventory of available homes also impacted the market’s performance in the second half of the year.
Kyle Pfaffe | Realtor® | 512-636-9707