AUSTIN, TEXAS ~ The greater Austin area posted record-breaking gains in May, as the median home price reached an all-time high—for any month on record—of $465,000, while both home sales and sales dollar volume skyrocketed, according to The Austin Board of Realtors® May 2021 Central Texas Housing Report.
Below are year over year highlights for the Austin-Round Rock MSA and Williamson County where inventory also continues to struggle to meet demand.
In the Austin-Round Rock MSA:
What increased? The median price for residential homes increased 42% to an all-time high of $465,000, closed sales increased 48% to 3,976, pending sales increased 7% to 4,355 properties, and new listings increased 6% to 4,413.
What went down? Active listings were down 71% at 1,739. As with June 2020 through April 2021, monthly housing inventory decreased once again, and for the seventh time ever remained at less than 1 month of inventory; this is well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market indicating a strong seller's market.
Heading north to Williamson County:
What increased? The median sales price rose 50% to $435,000, closed sales rose 47% to 1,358, new listings rose 20% to 1,524 and pending sales rose 7% to 1,515. Similar to the Greater Austin-Round Rock MSA new listings were up at 38% to 1,576, also higher than that of March 2021.
What decreased? Active listings decreased by 74% to just 472 homes. Housing inventory also declined by 1.4 months resulting in just 0.4 months of inventory. This is far below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
“Austin’s housing market has become one of the most competitive markets in the U.S.,” Susan Horton, 2021 ABoR President, said. “As new companies relocate to Austin and the city’s popularity draws in new residents, the sheer demand for housing has created a critical inventory shortage, reinforcing that affordability and accessibility to housing across our region is a real concern and should be a top priority for local leaders."
If you're selling, you're in a great position to make a timely move! Contact me and I can provide you with a complimentary, current competitive market analysis for your home which will help you best understand what your home is likely to sell for given our fast-paced market.
If you're looking to purchase real estate, my expertise and large Keller Williams network is helping connect sellers and buyers even before homes hit the market. If you'd like to speak with my recent clients who have recently closed or who are under contract, let me know!
Contact me and let's discuss your goals and the current market conditions to help leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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