Despite many state and national events, which included Hurricane Harvey, the overhaul of the US Tax Plan, and rising home prices, the Central Texas Housing market set yet another record for total homes sold according to the latest Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
The Austin-Round Rock MSA, saw an increase by 5.4% in home prices to $299,900 in 2017, with an annual increase by 2.4% in home sales to 30,059 sales, a record high for the area. In December, there was a 12.6% increase in single family homes throughout the Austin-Round Rock MSA to 2,653 homes sold. The median home price was $310,000, a 7% increase from the same time the previous year.
The city of Austin also showed positive gains for 2017. Annually, median price increased for single-family homes for the year to $362,000—a record high—and there were 9,278 home sales in 2017, which was a 2.5% increase from the previous year. In December, sales jumped 13.4% to 802 sales, despite declining sales the previous couple of months.
By the end of the year, Williamson County saw a continual rise in single-family home sales and inventory. Leander saw the highest growth with a 7.4% increase in sales, followed by Cedar Park (4.5 %) and Round Rock (3.7%). $275,000 was the median home price in Williamson County, which is an increase from the previous year, although it still remains significantly lower than Austin’s median home price. Housing inventory in Williamson County also showed a steady increase in inventory, from 1.8 months to 2.1 months.
The report also mentioned that as prices continue to rise and the inventory decreases in Austin, home sales will continue to grow in the surrounding areas, as buyers seek more affordable housing options.