Austin Area Home Prices Climb and Sales Increase

Austin Area Home Prices Climb and Sales Increase

Single-family home sales in the Austin area showed no signs of slowing down in August, as the five-county region saw record levels of transaction activity.

The latest report from the Austin Board of Realtors shows the dollar volume of sales in August climbed 10.5 percent compared to figures from August 2017. Overall, $1.2 billion in single-family home sales were logged. Meanwhile the number of sales also climbed by 3.7 percent to 3,034 deals recorded in the Austin area.

All that activity happened as median home prices climbed 8.2 percent year-over-year to $322,478. Inside the city of Austin, the median home price climbed 9.2 percent to reach $393,000.

North of Austin in Williamson County, the number of home sales climbed 7.3 percent to 1,089 sales. The median price climbed 7.2 percent to reach $294,612. Meanwhile, to the south in Hays County, sales climbed 2 percent and the median price shot up 13.3 percent to $294,659.

“Last month’s housing market activity shows little evidence that the market is slowing as we move into the fall,” said Steve Crorey, 2018 president of the Austin Board of Realtors. “More homes are entering the market and pending sales growth remains strong year over year.”

But housing inventory levels remain a concern, he said.

“After a year of modest inventory gains in 2017, housing inventory growth has been flat or has declined in many local markets throughout this year,” Crorey said. “This is particularly evident in the Austin city limits, where housing demand is strongest.”

Looking back at the last 12 months, Austin home prices average out at $384,881. That’s up from $372,492 in 2017 and $353,919 in 2016. Meanwhile, the number of days homes are on the market, on average, has climbed from 50 days in 2016 to 54 last year and 56 in the past 12 months.

Here are more Austin metro area home sales figures from August 2018.

  • – Median Price for Single-Family Homes in the Austin Area — $322,478
  • – Single-Family Homes Sold in the Austin Area — 3,034
  • – Average Number of Days on the Market — 50
  • – Total Dollar Volume of Homes Sold in the Area — $1.2 billion
  • – Months of Housing Inventory Available — 3.1
  • – New Listings — 3,741
  • – Active Listings — 7,887
  • – Pending Sales — 2,798