Austin Real Estate Market Report

Austin’s Median Home Prices at All-Time High

When you mix a strong economy with high quality of life, high wage jobs and rapid growth, you’re bound to see home values increase quickly. That’s the case in Austin.

In May, the median price of a single-family home inside Austin city limits climbed 3.7 percent to an all-time high of $389,000. While home values have shot up, the number of active listing has fallen. Those listings declined by 6.8 percent, or 1,533 listings, year-over-year in May, according to the latest stats from the Austin Board of Realtors.

Some market observers see it as a troubling sign that Austin’s overall inventory of available homes is far too low.

“Our current market imbalance in Austin is made worse by an antiquated land development code that places unnecessary constraints on building the number and variety of homes our community needs,” Steve Corey, 2018 president of the Austin Board of Realtors, said. “ Austin’s lack of housing choices disadvantages first-time homebuyers, families with children and the middle and lower-income buyers.”

He said that paired with population growth, the city’s affordability issues are forcing many to look for homes outside the city for something more affordable. But that often means more strain on already crowded roads.

Meanwhile, city leaders continue to debate an overhaul of city land use regulations with a goal of providing more affordable housing. But that goal is often at odds with neighborhood groups who see increasing density in already relatively dense neighborhoods as a problem for traffic, quality of life and parking.

While that debate continues, so does Austin’s growth. Demand for homes remains strong.

Home sales inside city limits increased 5.9 percent compared to May 2017.
Looked at from a different perspective, the average sales price of a home in Austin has increased from $353,919 in 2016 to $372,492 in 2017 to $379,528 in the most recent 12 months. Meanwhile, the number of homes sold climbed from 29,805 in 2016 to 30,572 in 2017 to 31,020 in the past 12 months.

Meanwhile, to Austin’s south in Hays County, the median price of a home rose 6 percent year-over-year to $272,990. To the north, in Williamson County, the median price increased 7 percent to reach $303,500.

Here are additional Austin metro area home sales figures from May 2018.

  • Median Price for Single-Family Homes in the Austin Area — $325,000
    Single-Family Homes Sold in the Austin Area — 3,210
    Average Number of Days on the Market — 46
    Total Dollar Volume of Homes Sold in the Area — $1.3 billion
    Months of Housing Inventory Available — 2.7
    New Listings — 4,464
    Active Listings — 6,848
    Pending Sales — 3,436