Source: Austin Board of Realtors May 2021 Report
Unless you’ve been living under a rock lately, you’re probably heard from your friends, family and co-workers that it’s becoming difficult buy a home here in Central Texas. Yes, friends, it’s starting to get serious for those buyers seeking affordable housing options in the Austin area, especially for those first-time homebuyers.
According to the Austin Board of Realtors, residential home sales in the Austin Round-Rock MSA once again hit a record for the month of May, increasing 48% year over year to 3,976 sales, while the median sales price jumped 42.2% year over year to an all-time-high of $465,000. At the same time, sales dollar volume increased 116.2% year over year to $2,355,132,804. Monthly housing inventory dipped 1.5 months to a critically-low 0.5 months of inventory.
This data is being compared to May 2020 numbers, a month in which stay-at-home orders were still in effect due to the COVID-19 pandemic. The pandemic greatly affected the real estate industry, causing an atypical slowdown in transactions—particularly for this time of year—which is part of the traditional selling season.
In May, active listings dropped 70.9% year over year to 1,739 listings, demonstrating how quickly homes are going under contract. Homes only spent an average of 16 days on market last month across the MSA. During the same period, new listings increased 6.3% to 4,413 listings, while pending sales rose 7.4% to 4,355 listings.
City of Austin
In the city of Austin, the median home price jumped 34.9% year over year to $566,500—an all-time high for any month on record. Home sales increased 54.5% to 1,270 sales, as sales dollar volume spiked 115.7% to $897,154,544. During the same period, new listings increased 6.6% to 1,447 listings, active listings dropped 62.2% to 630 listings, while pending sales increased 20.3% to 1,399 pending sales. Monthly housing inventory decreased 1.2 months year over year to 0.5 months of inventory.
At the county level, home sales increased 53.1% to 2,009 sales, and sales dollar volume jumped 119.4% to $1,412,690,349. The median price for a home increased 41% year over year to $550,000. During the same period, new listings slightly increased 0.3% to 2,172 listings, active listings declined 67.5% to 945 listings, and pending sales increased 8.9% to 2,105 pending sales. Monthly housing inventory decreased 1.4 months year over year to 0.5 months of inventory.
In Williamson County, May home sales increased 47.3% to 1,358 sales, while sales dollar volume rose 118.9% to $654,675,633. The median price rose 50% to $435,000, and new listings increased 19.5% to 1,524 listings. At the same time, active listings fell 73.9% to 472 listings, while pending sales increased 7.4% to 1,515 pending sales. Housing inventory declined 1.4 months year over year to 0.4 months of inventory.
In Hays County, May home sales increased 37.6% to 454 sales, and sales dollar volume climbed 104.4% to $230,528,653. The median price for homes increased 42.5% to $380,000. During the same period, new listings slightly increased 2.9% to 537 listings, while active listings fell 75.6% to 213 listings. At the same time, pending sales increased 3.5% to 555 pending sales. Housing inventory decreased 2.1 months to 0.5 months of inventory.