The specifics
Chief Appraiser Alvin Lankford of the Williamson County Central Appraisal District presented the findings during the June 4 Williamson County Commissioners Court meeting. The presentation collated data from 2019-2024 and included developments, property improvements, parcels of land and the median sales price.
The largest increase occurred from 2021-2022, when the county’s total market value leapt from $106.93 billion to $159 billion. In 2023, values dipped by an average of 12% but rose again in 2024.
“Values have definitely come down,” Lankford said. “Mainly because the increase in interest rates slowed the market down, but also because builders aren’t constructing as many homes as prior years.”
The median value for residential homes also peaked in 2022 at $473,000 before dropping to $414,000 in 2023 and $412,000 in 2024. This drop is due to higher interest rates and because not as many homes are being bought and sold, Lankford said.
Single-family home sales decreased by 9.21% YoY from 2,335 to 2,120 transactions, according to county documents, while average sales prices dropped from highs of over $600,000 in 2021 to above $400,000 in 2023. Comprising the majority of the county’s total market value, the cumulative value for residential homes sits at roughly $102 billion.
Construction of multi-family residences has also significantly declined since 2022 when 8,242 units were built. As of June, approximately 438 new units were constructed in 2024. The value of multi-family residences has slightly increased from $13.15 billion in 2023 to $13.36 billion. Multi-purpose units like office space and apartments comprise the majority of commercial property values.
The total market value for commercial real estate has steadily risen over the last five years from $11.4 billion to $23.3 billion.
What else?
While sales and property values plateaued in 2022, residents will continue to see an annual increase of 10% to their property’s taxable value, Lankford said. This increase will continue until market value and taxable value align. As of 2024, the total market value for Williamson County is roughly $171 billion, while the total taxable value is set at approximately $133 billion. There is a 10.2% increase to total taxable value, Lankford said, but this will come down slightly after protests are made.
“The big picture I’m looking at is Williamson County’s total market value,” Williamson County Judge Bill Gravell said. “In one year, the total market value increased by $9.38 billion, and that only includes a small piece of the Samsung project. This appears to be the second largest increase we’ve seen in the last many years, and 9 billion is far more significant than anything prior to 2019.”
Put in perspective
Williamson County was named the 10th fastest-growing county in the nation by the U.S. Census Bureau, gaining 24,918 new residents from 2022-2023. Furthermore, the county holds Georgetown, the fastest-growing city in the U.S., and Leander, the third fastest-growing city. Population estimates predict that the county’s population will almost double from its current level of 697,191 to 1,377,000 in 2045. Further data from the U.S. Census Bureau also shows an increased median household income of $102,851 up from an average of $79,123 in 2017.
