AUSTIN (KXAN) — The median home price in the Austin area has reached an all-time high, the Austin Board of Realtors said Tuesday.
In its May report, the board said the median home price is Austin is now $465,000, and home sales along with sales dollar volume have both skyrocketed.
In the Austin-Round Rock metropolitan statistical area, home prices jumped 48% year over year for 3,976 and the median home price increased 42.2% to the record number. Sales dollar volume increased 116.2% year over year to more than $2.3 billion, and housing inventory fell to just half a month.
The board says the data is a little skewed since it’s being compared to May 2020 when the COVID-19 pandemic had its grip on the industry and sales plummeted, but the numbers are still some of the highest in the country.
“Austin’s housing market has become one of the most competitive markets in the U.S.,” said Susan Horton, president of the Austin Board of Realtors. “As new companies relocate to Austin and the city’s popularity draws in new residents, the sheer demand for housing has created a critical inventory shortage, reinforcing that affordability and accessibility to housing across our region is a real concern and should be a top priority for local leaders.”
Adding further stress to the housing market, active listings in May fell nearly 71% year over year to 1,739, and the board says that’s an indication of how quickly homes are going under contract. Homes spent an average of just 16 days on the market in May. New listings increased 6.3% to 4,413 and pending listings went up 7.4% to 4,355.
The board applauded the Austin City Council for passing a 10% increase to the homestead exemption to 20%, and Horton is hoping more can be done to make housing in Austin more affordable to more people.
“With steadily rising home prices, access to affordable home ownership has become a challenge for many Austin residents, but shrinking inventory, lot and labor shortages, and rising construction costs means it’s not an easy process to get more affordable housing on the market,” Horton said.
“At this point, Austin does not have a lot of land to build single-family homes in the core, so we have to think about density, where it makes sense, and expanding missing middle housing options and income-restricted affordable units. The solution here is to be strategic about placing lower-priced homes and rentals in all parts of the city and urge our city’s leaders to continue making affordability a priority. Taking action now is imperative.”Susan Horton, ABoR president
Breakdown by county
In Travis County, home sales increased 53% from May of last year and the median price of a home is $550,000 — a 41% increase year over year.
In Williamson County, home sales increased 47% and the median home price now sits at $435,000 — a 50% increase year over year. There’s only 0.4 months of inventory left in the county, as well.
In Hays County, home sales went up nearly 38% and the median home price is up 42.5% to $380,000.
Home sales in Bastrop County increased 27% and the median home price went up 24% to $321,250.
Out in Caldwell County, home sales are up almost 22% and the median price for a home is $239,900.