​Austin Board of REALTORS Releases May 2018 Market Report

​Austin Board of REALTORS Releases May 2018 Market Report


Picture

The most recent market report for Austin area home sales was just released by the Austin Board of Realtors.   May’s market report showed continuing trends of rising prices, low supply and strong demand in the Austin market.  The median price for homes within the city limits rose to the greatest price ever of $389,000.  Outside the city limits, prices continue to rise as well.  In the greater Austin area, the median sales price increases 5% year over year to $325,000 last month.  

Picture
 

​Rising home prices in the greater Austin area continues to make it challenging for many first-time home buyers to purchase a residence in the Austin area.  Home prices are increasing at a rate far greater than median family income. Data from the Department of Housing and Urban Development (HUD) shows the Austin-Round Rock median family income increased 17.5 percent from 2013-2018. Over the same time frame, median home prices in the Austin-Round Rock MSA increased 42.5 percent.  
Picture
 

​With the steady demand for Austin housing, builders struggle to keep up with the steady influx of buyers.  Antiquated building restrictions, and an inundated city staff further delay the creation of more housing.  As we have seen in past months, buyers are flocking to the suburbs in search of more affordable housing options.  In order to encourage the growth of affordable housing within the city limits, there must be changes made to the city’s land code.  Conflicts over the City of Austin’s CodeNEXT plan are further delaying the ability for developers and builders to take action towards the City of Austin’s housing crisis. 
 
If you’re interested in learning more about what’s happening in your specific local market, contact me today.  I’d be happy to provide a detailed market report for your specific zip code.   
 
This post originally appeared on shesellsaustin.com


Erika Albert Headshot
Author:
Phone: 512-779-7597
Dated: June 22nd 2018
Views: 20
About Erika: Erika Rae Albert is an Austin native who has built her business around one guiding principle, YOU al...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

​Austin Board of REALTORS Releases May 2018 Market Report - The most recent market report for
Bastrop, the Best Kept Secret in Austin -      Bastrop Texas
Murphy's Law of Real Estate - Mr. and Mrs. Seller, please go on
Important Texas HOMESTEAD filing information - If you purchased your primary

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Austin
9600 Great Hills Trail Suite 150W
Austin, TX
512-960-3506
0