Austin-area Home Sales Flat, Median Price Appreciation Slows
Austin-area home sales decreased by 1.8 percent in January 2019, while median price increased 2.4 percent to $296,999, according to the Austin Board of REALTORS® January 2019 Central Texas Housing Market report. Housing inventory was still extremely tight, with a 2.3 month supply even following a 0.4 month increase for the month.
“In December 2018, new listings on the market returned to more normal levels compared to December 2017. This resulted in a slight decrease in January sales this year,” said ABOR President Kevin P. Scanlan. “However, even though we are seeing slowing home price appreciation, future homeowners are still buying. That means Austin’s market remains extremely competitive and 2019 is highly likely to be another strong year.”
Within the city of Austin, ABOR reported that home sales remained flat and that median price increased 1.7 percent to $353,250. Austin housing inventory increased 0.1 months to 1.4 months.
In Williamson County, home sales decreased 2.6 percent, and median price increased 1.6 percent to $275,400. Williamson County inventory increased 0.4 months to 2.3 months.
In Hays County, home sales decreased 16.9 percent, and median price increased by 3.4 percent to $267,900. Hays County inventory increased 0.8 months to 3.1 months.
Metrostudy Austin Regional Director Vaike O’Grady said, “In submarkets where there’s lots of growth, the price gap between home resales and new home construction is narrowing. New development is moving further away from the city—to areas where land is less expensive—and most resales are more centrally located. However, in the city of Austin, we’re seeing the opposite trend. Older homes on larger lots are priced higher than new homes on smaller lots. As Austin runs out of space for inventory, developers are getting more creative with home and lot configuration.”
Austin-area January 2019 Sold Homes
- Number of sold homes: 1,598 (Down 1.8% compared to January 2018)
- Median sold price: $296,999 (Up 2.4% compared to January 2018)
- Days on the market: 72 (Up 2 days compared to January 2018)
Austin-area January 2019 Single-Family Homes on the Market
- New listings: 2,820 (Up 21.6% compared to January 2018)
- Active listings: 5,840 (Up 20.6% compared to January 2018)
- Pending sales: 2,452 (Up 10.7% compared to January 2018)