Austin-area Median Home Prices Up Over Nine Percent
Austin-area home prices rose to $289,990 in August 2016, a 9.4 percent increase compared to August 2015, according to the Austin Board of REALTORS® August 2016 Central Texas Housing Market Report. Austin-area home sales also rose in August 2016, with a 5.3 percent increase resulting in 2,985 home sales.
“Austin, and now the Central Texas region at large, continues to be a magnet for jobs and new businesses across multiple industries,” said ABOR President Aaron Farmer. “This continues to keep housing demand at an all-time high and inventory at near-record lows despite strong housing development and a greater number of listings on the market.”
Within the city limits of Austin, prices continued to rise substantially, with a small increase in sales. Compared to last August, median price increased 10.3 percent to $356,276. Home sales rose 0.8 percent to 868 home sales. Inventory saw an increase of 0.2 months to 2.3 months, but was still very low and evidenced by homes spending an average of only 35 days on the market.
Notably, the Austin area saw a 15 percent year-over-year increase in total dollar volume sold, for a total of $1.09 billion.
Also notable is the general real estate climate in Hays County. Single-family homes sales in Hays County jumped a whopping 23.2 percent year-over-year to 377 home sales. In Williamson County, home sales increased 0.7 percent to 1,035 home sales.
Farmer said, “As housing inventory remains constrained across the Central Texas region and demand remains high, home sales growth is increasingly impacted by new home development. This is especially true in Williamson and Hays Counties, where housing demand and development activity are strongest. As new housing stock becomes available, it’s quickly scooped up by homebuyers.”
Austin-area August 2016 Sold Homes
- Number of sold homes: 2,985 (Up 5% compared to August 2015)
- Median sold price: $289,990 (Up 9% compared to August 2015)
- Days on the market: 42 (Unchanged compared to August 2015)
Austin-area August 2016 Single-Family Homes on the Market
- New listings: 3,056 (Down 6% compared to August 2015)
- Active listings: 6,710 (Up 5% compared to August 2015)
- Pending sales: 2,518 (Up 1% compared to August 2015)