Austin-area Home Sales and Prices Continue to Rise
The median price for Austin-area single-family homes increased to $275,250 in September 2016, an increase of 7.5 percent compared to September of last year, according to the September 2016 Central Texas Housing Market Report by the Austin Board of REALTORS®. Home sales in the Austin-area rose 1.3 percent to 2,576 home sales.
Days on the market was unchanged at 47 days, and inventory increased .1 month to 2.7 months. The total dollar volume of Austin-area home sales was approximately $887 million, an increase of eight percent.
Most of the Central Texas residential real estate activity is occurring outside the city limits. In September 2016, fewer than 20 percent of homes sold in Central Texas were sold within Austin and less than a third were sold in the Austin-Round Rock Metropolitan Statistical Area.
In Williamson County, the median price was $250,915, an increase of five percent, and in Hays County, the median price was $230,000, up four percent. In Travis County, the median price was $327,500, an increase of nine percent.
Within the City of Austin, median price rose to $345,000, a 10.6 percent increase compared to September 2015. Home sales declined 4.5 percent to 746 home sales. Inventory was at a supply of 2.4 months.
“Housing is at the center of all economic development. Nowhere is this more evident than at the intersection of housing affordability and mobility,” said ABOR President Aaron Farmer. “As more and more homebuyers look outside of Austin’s city limits to find an affordable home, our region’s infrastructure is increasingly strained and the overall costs of homeownership rise because of the increased cost to commute.”
Farmer added that the current housing stock in Austin is not sustainable for its projected population growth.
Austin-area September 2016 Sold Homes
- Number of sold homes: 2,576 (Up 1% compared to September 2015)
- Median sold price: $275,250 (Up 8% compared to September 2015)
- Days on the market: 47 (Unchanged compared to September 2015)
Austin-area September 2016 Single-Family Homes on the Market
- New listings: 2,947 (Up 7% compared to September 2015)
- Active listings: 6,681 (Up 10% compared to September 2015)
- Pending sales: 2,266 (Up 2% compared to September 2015)