The greater Austin area continues to break records in the month of May. Austin saw an all time high for median home prices for any month on record. The recorded median single family home value for the entire greater Austin area last month topped the charts at a whopping $465,000.
We are at a challenging time currently. There is simply not enough land in Austin to meet buyer demand. As businesses come in, so do residents and this is causing single family home prices to sky rocket. Austin is now experiencing a critical shortage of inventory and we must think about new ways to expand and creative policies to increase our housing supply over the long run.
Residential home sales in the Austin Round-Rock MSA aka the entire greater Austin area have seen an increase of 48% year over year to 3,976 sales for the month of May. As you may imagine, the median sales price also jumped 42.2% year over year. That is a full $100k higher than in January of this year. Monthly housing inventory decreased 1.5 months to 0.5 months of inventory. This is critically low; a balanced market has 6 months of inventory.
In May, active listings dropped 70.9% year over year to 1,739 listings, this shows how quickly homes are going under contract. Homes spent an average of 16 days on market last month across the MSA. However, keep in mind this is an average. A lot of homes spent far fewer days on market.
Increases in Median Home Sales Price per County:
City of Austin - 34.9% year over year to $566,500
Travis County - 41% year over year to $550,000
Williamson County - 50% year over year to $435,000
Hays County - 42.5% year over year to $380,000
Bastrop County - 24% year over year to $321,250
Caldwell County - 26.9% year over year to $239,900
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