The Austin Board of Realtors just released their latest Central Texas Housing Market data report which further supports a strong housing market for Austin in 2018! According to the report, there have been steady increases in single family home sales despite an inventory crunch in the Austin-Round Rock Metropolitan Statistical Area (MSA).
Throughout the Austin-Round Rock MSA, the median price of single-family homes increased to $290,000, a 3.6% increase year-over-year for January 2018. There is still a high demand for housing with an 8.5% jump in home sales to 1,655 sales compared to the same time the previous year. With the housing inventory of single-family homes in the Austin-Round Rock MSA only at 1.9 months of inventory, it shows that the market is still unbalanced and that if the demand remains high and inventory remains low, median prices will likely rise in 2018.
In the city of Austin specifically, the median price for single-family homes leaped by 10.2% to $347,000 year-over-year in January 2018 and there was a 1.5 increase in home sales to 482 sales. Housing inventory of single-family homes decreased to 1.3 months of inventory, a reduction from January 2017.
With the aggressive price increases and the low inventory in Austin, the suburbs are seeing incredible increases in their housing markets, specifically in Williamson and Hays counties. In Williamson county saw a n overall 10.3% increase in home sales and a 1.4% increase in median home price year-over-year to $270,215. Hays county showed huge gains in median price for single-family homes with a 13% jump year-over-year to $259,743 and a 14.5% jump in home sales with 198 total sales in January 2018.