Austin Housing Prices Up, Inventory Down
Historic highs and historic lows are now the norm in Austin real estate, with record-breaking median home prices and consistently low inventory levels. According to the Austin Board of REALTORS® May 2018 Central Texas Housing Market Report, the median price for an Austin home reached an all-time high of $389,000 in May 2018, an increase of 3.7 percent compared to May 2017. Inventory decreased to 2.0 months from 2.1 months, with an inventory of approximately 6.5 months considered balanced by the Real Estate Center at Texas A&M University. Sales overall rose 5.9 percent to 1,037 sales.
With the rising home prices in Austin proper, many homebuyers are looking to surrounding areas. Seven in 10 homes that were sold in May 2018 within the Austin-Round Rock metropolitan statistical area were sold outside of the Austin city limits.
In this greater Austin area, home sales were up 4.2 percent in May 2018 compared to May 2017, to a total of 3,210 sales. The median price for a home in the Austin-Round Rock MSA increased 4.8 percent to $325,000. Inventory decreased to 2.7 months, from 2.8 months the year prior. Sales topped $1.3 billion, an increase of approximately seven percent compared to May 2017.
Hays County and Williamson County both also experienced increases in median price: to $272,990, an increase of approximately six percent, in Hays County and to $303,500, an increase of approximately seven percent, in Williamson County.
Austin-area May 2018 Sold Homes
- Number of sold homes: 3,210 (Up 4.2% compared to May 2017)
- Median sold price: $325,000 (Up 4.8% compared to May 2017)
- Days on the market: 46 (Up 3 days compared to May 2017)
Austin-area May 2018 Single-Family Homes on the Market
- New listings: 4,464 (Up 5% compared to May 2017)
- Active listings: 6,848 (Up 1% compared to May 2017)
- Pending sales: 3,436 (Up 6% compared to May 2017)