Austin Real Estate Market Update

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Predicted Growth in South Austin

With new businesses coming to Austin and the surrounding areas, as well as existing offices expanding and searching for larger spaces to hold their growing teams, the population and demand for residences are climbing in numbers. There aren’t many places that have been left untouched by the recent boom, but there are some areas that may be seeing the increase in people flocking to their neighborhoods...

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Despite seeing a decline in the number of single-family homes on the market, the median price of homes is at an all-time high, according to the May market statistics report released by the Austin Board of Realtors. The new record median price comes in at $407,400, yet the May 2019 Central Texas Housing Market report shows declines for both new and active listings in the city of Austin. There was also a 3.4% drop in home sales in Austin, but the surrounding areas saw immense growth. A lot of this comes from a lack of supply in affordable housing options for first-time homebuyers with specific wants and needs. Since they can’t find property that has everything they’re looking for in Austin, they’re setting their sights on properties in the suburbs of the city. Let’s take a closer look at some of the communities that are close to our hearts and what the current market standings mean for them. Austin-Round Rock Metropolitan Statistical Area In the Austin-Round Rock MSA, single-family home sales increased 6.2% from May 2018 to May 2019 to a total of 3,452 home sales. Sales dollar volume experienced a double-digit percent increase of 14.8% to $1,468,980,773 — the highest volume to date. The median price for single-family homes rose 4.2% to $335,095. However, during the same period, new listings slightly decreased 1.3% to 4,356 listings and active listings decreased 0.6% to 6,781 listings. Pending sales increased 8% to 3,504 pending sales. Monthly housing inventory declined to 2.6 months of inventory. City of Austin Single-family home sales decreased by 3.4% in May to 1,010 sales in the city of Austin. However, sales dollar volume increased by 7.1% to $512,126,547, illustrating higher price points and a tightening market. The median price for single-family homes rose 5.8% year over year to $407,400. During 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. Travis County In Travis County, single-family home sales increased by 2.9% to 1,682 sales in May. During the same period, sales dollar volume spiked 16.5% to $884,454,751. The median price of single-family homes increased by 8.1% to $400,000. New listings decreased 4.7% to 2,126 listings and active listings decreased 7.3% to 2,977 listings, as pending sales increased 3.6% to 1,713 pending sales. Monthly housing inventory dropped 0.2 months to 2.3 months of inventory. If you’re considering buying or selling a home, but aren’t sure what these statistics mean for you, we’re happy to help. The friendly team at Sage Wilson Property Group can analyze the market and give you an easily digestible report on what the best options are for you and your family. Give us a call today!

Austin Real Estate Market Update

Despite seeing a decline in the number of single-family homes on the market, the median price of homes is at an all-time high, according to the May market statistics report released by the Austin Board of Realtors. The new record median price comes in at $407,400, yet the May 2019 Central Texas Housing Market report shows declines for both new and active listings in the city of Austin. There was also a...

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