Austin Housing Market Report May 2021
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AUSTIN, TX — Home sales in Austin continue to reach all-time highs for any month on record with the median home price inching closer to half a million. 3,976 homes were sold in the Austin area with inventory nearing zero at 0.5 months. Homes continue to sell over asking price, which raises the median home prices to a new record of $465,000, a 48% year-over-year increase.
“Austin’s housing market has become one of the most competitive markets in the U.S.,” says Susan Horton, 2021 ABoR President. “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.”
In May, new listings increased 6.3% to 4,413, and active listings dropped 70.9% to 1,739. Pending sales showed an increase of 20.3% to 1,399.
Austin has been slow to improve the affordable development of ownership opportunities for all income levels, and the demand is increasingly becoming difficult to control.
“At this point, Austin does not have a lot of land to build single-family homes,” says Nora Linares-Moeller, executive director of HousingWorks Austin. “We have to think about density, where it makes sense, and expanding missing middle housing options and income-restricted affordable units. The solution here is to be strategic about placing lower-priced homes and rentals in all parts of the city and urge our city’s leaders to continue making affordability a priority. Taking action now is imperative.”
SINGLE-FAMILY HOMES, CONDOS, AND TOWNHOMES
MAY 2020 VS MAY 2021
ALL LUXURY HOME SALES OVER $1,000,000
MAY 2020 VS MAY 2021
These statistics are for single-family homes, condos, and townhomes across the Austin-Round Rock Metropolitan Statistical Area (MSA). If you would like similar statistics for a specific area, property type, or price range, please contact us and tell us how we can help. Use our new market snapshot tool for a comprehensive analysis of your home’s value in today’s market, or call us for an analysis of comparable homes sold.
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