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Austin housing market hits another record high

Written by Louis Wilson on 07/05/2019

Austin median home price is now $407,400.

According to the Austin Board of Realtors (ABOR), the median home price in the City of Austin is now $407,400. This is a 6% increase over May of last year. While the average home price has been increasing, the number of homes sold has actually decreased 3%. This lack of supply can also be seen by the number of new listings decreasing by 4%. Even more so, the number of active listings has dropped an astonishing 11%. This brings Austin's supply of homes down to 1.7 months. In short, buying a home in Austin has gotten more expensive and more competitive over the last year.

Surrounding counties.

The tightening market in Austin has rippled through the surrounding counties. Bastrop, Caldwell, Hays, Travis, and Williamson counties have all seen their median home price and number of homes sold increase. Caldwell County has been affected the most. In Caldwell County, the median home price has increased 23% and the number of homes has increased 22% over the last year. The City of Austin is getting less affordable, causing more and more people to look towards the suburbs.

Summary data.

County

Median Home Price

Transaction Volume

Months Inventory*

Bastrop

+8%

+18%

4.3 months

Caldwell

+23%

+22%

4.3 months

City of Austin

+6%

-3%

1.7 months

Hays

+1%

+10%

3.2 months

Travis

+8%

+3%

2.3 months

Williamson

+1%

+8%

2.5 months

*ABOR defines a neutral market as having 6.5 months of inventory. Having an inventory below 6.5 months indicates a seller's market.

Sources.

Austin Board of Realtors: Central Texas Housing Market Report, May 2019

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