The median price of a single-family home in Austin set an all-time high of $407,400, according to the Austin Board of Realtors, an increase of 5.8% year over year. At the same time, however, new and active listings were down, as were home sales, which were off by 3.4 percent.
Surrounding areas, on the other hand, experienced strong gains.
“A lack of middle-market housing in the city of Austin is driving demand to the suburbs,” said Kevin P. Scanlan, president of the Austin Board of Realtors. “While the Central Texas housing market is healthy and thriving, Austin continues to struggle with housing options that are affordable for first-time homebuyers as the median price surpasses $400,000.”
In May, Austin home sales decreased year over year 3.4 percent to 1,010 sales; sales dollar volume increased 7.1 percent to $512,126,547, illustrating higher price points and a tightening market. In the same period, new listings decreased 3.6% to 1,263 listings; active listings decreased 11.3% to 1,349 listings, but pending sales increased 3.3% to 1,009 pending sales. Monthly housing inventory decreased 0.2 months year over year to 1.7 months of inventory.
To the north, Williamson County single-family home sales increased 8.4 percent to 1,220 sales, while sales dollar volume increased 8.3 percent to $400,430,598. The median price for a single-family home in May rose year over year by 1.1% to $303,323. During the same period, new listings increased 3.2 percent to 1,508 listings. Active listings remained flat at 2,335 listings. At the same time, pending sales experienced a double-digit increase of 12.4 percent to 1,217 pending sales. Housing inventory decreased 0.1 months to 2.5 months of inventory.
South of Austin, in Hays County, single-family home sales increased 10.2 percent to 412 sales in May and sales dollar volume rose 16.9 percent to $145,394,941. During the same period, the median price for single-family homes barely rose—0.4% to $275,969. New listings slightly increased 0.8 percent to 520 listings and active listings increased 6% to 977 listings. Pending sales jumped 14.9 percent to 425 pending sales. Housing inventory increased 0.1 months year over year to 3.2 months of inventory.
Here are additional Austin metro area home sales figures from May 2019.
Median Price for Single-Family Homes in the Austin Area — $335,095
Single-Family Homes Sold in the Austin Area — 3,452
Average Number of Days on the Market — 48
Total Dollar Volume of Homes Sold in the Area — $1.5 billion
Months of Housing Inventory Available — 2.6
New Listings — 4,356
Active Listings — 6,781
Pending Sales — 3,504