Austin-area Sees Record Home Sales Volume, Austin Median Price Hits All-time High
Home sales dollar volume in the Austin-Round Rock Metropolitan Statistical Area increased 14.8 percent to $1,468,980,773 in May 2019 — a record volume, according to the Austin Board of REALTORS®’s monthly housing report. Home sales in the MSA increased 6.2 percent compared to May 2019, and median price increased 4.2 percent to $335,095.
Inventory tightened, with new listings decreasing 1.3 percent, active listings decreasing 0.6 percent, and pending sales increasing eight percent. Overall housing inventory ticked down 0.1 months to 2.6 months of inventory.
Within the city of Austin, median price hit an all-time high of $407,400, following a 5.8 percent price increase compared to last May, while a lack of inventory drove a 3.4 percent decrease in home sales. Sales dollar volume still increased, with 7.1 percent more in sales. New listings decreased 3.6 percent and active listings decreased 11.3 percent in May, while pending sales increased 3.3 percent. Monthly housing inventory dropped 0.2 months as a result, with a 1.7-month supply.
“A lack of middle-market housing in the city of Austin is driving demand to the suburbs,” said ABOR President Kevin P. Scanlan. “While the Central Texas housing market is healthy and thriving, Austin continues to struggle with housing options that are affordable for first-time homebuyers as the median price surpasses $400,000.”
In Williamson County, homes sales were up 8.4 percent in May 2019, and sales dollar volume was up comparably with 8.3 percent growth. The median price for a home in Williamson County increased by 1.1 percent, to $303,323. New listings increased by 3.2 percent, active listings were flat, and pending sales increased by 12.4 percent. Inventory levels decreased 0.1 months to a 2.5-month supply.
In Hays County, home sales were up 10.2 percent in May 2019, and sales dollar volume was up 16.9 percent. The median price for a home in Hays County increased slightly at 0.4 percent to a median of $275,969. New listings increased by 0.8 percent, active listings increased by six percent, and pending sales increased 14.9 percent. Inventory levels increased 0.1 percent to a 3.2-month supply.
Austin-area May 2019 Sold Homes
- Number of sold homes: 3,452 (Up 6% compared to May 2018)
- Median sold price: $335,095 (Up 4% compared to May 2018)
- Days on the market: 48 (Unchanged compared to May 2018)
Austin-area May 2019 Single-Family Homes on the Market
- New listings: 4,356 (Down 1% compared to May 2018)
- Active listings: 6,781 (Down 1% compared to May 2018)
- Pending sales: 3,504 (Up 8% compared to May 2018)