It was uncertain if the Austin real estate market would maintain its streak of record-breaking annual growth in 2017. Sales numbers showed increases throughout the year, however at a more moderate pace than in previous years. The slower growth didn’t keep the local real estate market from keeping up with the trend, as the latest Austin real estate statistics show.
Last year, the median price of single-family homes increased 5.4 percent to $299,900 in the Austin-Round Rock MSA. Home sales increased 2.4 percent and reached an all-time high for the area at 30,059 sales. The growth happened despite a natural disaster (Hurricane Harvey) and an overhaul of the U.S. tax plan. Both of which had industry professionals wondering as to the effects of each on Austin area real estate in 2017.
City of Austin Real Estate Statistics
In the city of Austin, the median price for single-family homes increased annually to an all-time high of $362,000. Single-family home sales increased annually by 2.5 percent to 9,278 sales. In December, sales increased by 13.4 percent to 802 sales for the month. The sales-growth increase presented a contrast from October and November when the city saw declining sales. Housing inventory decreased year over year from 1.6 months of inventory in 2016 to 1.5 months of inventory in 2017.
Travis County Real Estate Report
The median price for single-family homes in Travis County rose 5 percent to reach $350,000. There were 1,270 homes sold in Travis County, reflecting a 9 percent increase. The total dollar volume of homes sold grew 14 percent in December 2017 to reach $559 million worth of homes sold.
Pending sales were up year-over-year to 926 pending sales in December 2017. Active listings increased 2 percent to 2,422 active listings that month. New listings took a 7 percent dive in Travis County in December, with 743 new listings.
Williamson County Real Estate Report
In Williamson County, Leander showed the most significant growth in single-family homes sales. There, home sales grew 7.4 percent. Cedar Park followed with a 4.5 percent increase and Round Rock experienced a 3.7 percent sales growth of single-family homes sold.
The Williamson County median home price increased 10 percent to reach $275,000. Housing inventory increased in Williamson County from 1.8 months of inventory to 2.1 months of inventory. Pending sales were up a staggering 35 percent in the county, reaching 732 pending sales. New listings increased 21 percent to 630 listings in December and active listings were up 19 percent to 1,811 listings.
Hays County Real Estate Report
Hays County home sales growth was carried by Buda real estate activity. Buda single-family home sales increased 2.9 percent year-over-year. Conversely, single-family home sales in Kyle declined 3.3 percent from December 2016. Hays County median home price grew 8 percent to $259,000. Inventory levels grew year-over-year from 2.2 months of inventory in 2016 to 2.4 months of inventory in 2017.
To get the most recent Austin real estate market reports delivered to you every month, sign up for the David Brodsky Properties Austin area real estate newsletter. You can also follow us on Facebook for daily Austin news and market updates.