Austin real estate news market data for May experienced a bit of a shift. According to the Austin Board of REALTORS® (ABoR), May Central Texas Housing Report residential sales declined 6.7% year over year to 3,633 closed homes. The Austin-Round Rock MSA maintained the new record median price set in April, at $550,000, but the real story is the inventory improvement as active listings experienced triple-digit percentage growth year over year and inventory rose to over one month of inventory for the first time in seven months in all of Central Texas.
Austin Real Estate Housing Market Statistics for Austin – Round Rock MSA
Across the MSA in May, Sales dollar volume grew 9.0% to $2,482,046,786 while new listings also increased 18.8% to 5,231 listings, and homes spent an average of 15 days on the market, a day less than May 2021. Active listings skyrocketed 146.2% to 4,173 listings, causing housing inventory to more than double to 1.2 months of inventory, up 0.7 months from last May, as pending sales declined 12.5% to 3,643 transactions.
Dr. Adam Perdue, a research economist at the Real Estate Center at Texas A&M University, offered his insight into the current state of the market.
“The Austin region saw dangerously low levels of inventory, as low as 0.4 months of inventory in January 2021, so this slight increase in inventory and active listings point to the market beginning to normalize. While year-over-year price increases will continue to remain high, we project them to fall slightly lower than the long-term trend we’ve monitored over the past two years.”
Austin Real Estate and all of Central Texas all counties that make up the Austin Central Texas Realty Information Service (ACTRIS) and Austin – Round Rock Metropolitan Statistical Area are now showing one month of inventory.
Months of inventory are calculated by taking the number of homes listed for sale and dividing it by the average amount of homes sold per month within a 12-month period.
Austin Round Rock MSA May median sold prices and year-over-year price increases as originally reported in the latest Austin Board of Realtors Central Texas Housing Report.
🔑City of Austin —$667,000, up 18.1% from a year earlier.
🔑Travis County — $659,000, up 21.1% from a year earlier.
🔑Williamson County — $509,500, up 18.5% from a year earlier.
🔑Hays County —$470,000, up 25.3% from a year earlier.
🔑Bastrop County — $400,900, up 24.1% from a year earlier.
🔑Caldwell County — $345,000 up 43.8% from a year earlier.
Median Single-Family House Sold Prices for Austin, West Lake Hills, Round Rock, Leander, Elgin, Cedar Park, Buda, Kyle, and Dripping Springs
These are May’s median sold prices for single-family fee-simple houses in Austin and the surrounding cities. I ran these numbers using MLS data from the Austin Board of Realtors. Data is for single-family houses (no condos).
Data compiled by ACTRIS© Matrix data through ABoR. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.
City of Austin Condo Market Snapshot
I ran this report focusing on the zip codes that had the most sold inventory. This report was run on 6/15/22 and was compiled from a total of 81 listings. This report includes all types of residential condos whether they are free-standing (detached), tower, townhome-style, or duplex. All condo regimes were included in this report. All things being equal, a condo dollar tends to go a little further than a fee-simple home. In some locations, they can prove to be a cost-effective alternative.
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