Austin-area Median Home Prices Set Record
Median home prices in the Austin area reached $265,000 in August 2015, setting a record for the month and increasing year-over-year by eight percent, according to a Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®. Sales of single family homes also remained high, increasing eight percent compared to August 2014, to 2,943 home sales
Average home prices rose to $329,620, an increase of six percent from last August. Homes were on the market an average of 42 days this August 2015, equal to the length of time in August 2014. Total dollar volume increased by 15 percent compared to August 2014, to reach $970,071,660 for the month.
For perspective on pricing, median home prices increased by more than 30 percent from August 2010 to August 2015, a $65,000 difference.
“As Austin REALTORS®, we’ve seen our city expand in ways we never could have imagined, but household incomes have not been expanding at the same rate as the cost of living in Austin,” said ABOR President Barb Cooper. “We will continue working with our city’s leaders to find a solution to the complex affordability issues, with the end of goal of providing affordable and diverse housing stock for our growing population that aligns with the actual incomes of Central Texas residents.”
Compared to August 2014, monthly housing inventory in Austin decreased by 0.1 months to equal 2.9 months. This follows a slight bump upward last month.
A balanced housing inventory level is 6.5 months, according to the Real Estate Center at Texas A&M University, and Austin’s market still favors sellers.
New listings were up two percent in August, to 3,364 homes, and active listings were up four percent, to 6,979 homes. Pending sales were up 11 percent, to 2,686 homes under contract.
August 2015 Sold Homes
- Number of sold homes: 2,943 (Up 8% compared to August 2014)
- Average sold price: $329,620 (Up 6% compared to August 2014)
- Median sold price: $265,000 (Up 8% compared to August 2014)
- Days on the market: 42 (Equal to days in August 2014)
Single-Family Homes on the Market
- New listings: 3,364 (Up 2% compared to August 2014)
- Active listings: 6,979 (Up 4% compared to August 2014)
- Pending sales: 2,686 (Up 11% compared to August 2014)