2017: Another Record-Breaking Year for Austin-area Real Estate
Austin-area real estate achieved another record-breaking year in 2017, with home sales volume increasing 2.4 percent to 30,059 sales and median home price increasing 5.4 percent to $299,900, according to the Austin Board of REALTORS® December and Year-End 2017 Central Texas Housing Market Report. For home sales in the city of Austin, sales volume increased 2.5 percent to 9,278 sales, and median price reached an all-time high of $362,000.
Despite the record-breaking year, there are indications the real estate market will return to a more “normalized” positive pace soon. “While the Austin area continues to break records, the pace at which annual home sales and prices are increasing in Central Texas is beginning to normalize, indicating a more stable market,” said ABOR President Steve Crorey.
In Williamson County, Leander had a 7.4 percent increase in sales for the year, with Cedar Park home sales increasing 4.5 percent and Round Rock home sales increasing 3.7 percent. Median home price for the county reached $275,000. In Hays County, Buda home sales increased 2.9 percent for the year and Kyle sales declined by 3.3 percent, with an overall increase in the entire county of 4.8 percent. Median price for the year increased to $259,000.
For the month of December 2017, 2,653 homes sold in the Austin area, a notable 12.6 percent increase over December 2016, and the median price for a home in the area increased seven percent over the previous December to $310,000. Inventory was up 0.1 months to 2.1 months. Total sales dollar volume almost cracked the billion mark with $998,896,239 in sales, an increase of 18.9 percent compared to December 2016.
Home sales within the city of Austin also had a large increase of 13.4 percent, to 802 sales.
Austin-area December 2017 Sold Homes
- Number of sold homes: 2,653 (Up 12.6% compared to December 2016)
- Median sold price: $310,000 (Up 7% compared to December 2016)
- Days on the market: 71 (Up 10 days compared to December 2016)
Austin-area December 2017 Single-Family Homes on the Market
- New listings: 1,635 (Up 3.2% compared to December 2016)
- Active listings: 5,220 (Up 8.8% compared to December 2016)
- Pending sales: 1,971 (Up 23.8% compared to December 2016)