According to the most recent real estate statistics from the Austin Board of Realtors (ABoR), Austin area real estate values are experiencing stable growth. That’s despite a year-over-year dip in single-family home sales in the City of Austin in September. In the Austin-Round Rock Metropolitan Statistical Area (MSA), sales of single family homes increased as more buyers are looking outside the City of Austin to find their dream home.
A Comparison of Austin Area Real Estate Sales
To get a better idea of how many more homes are being sold outside of Austin city limits, ABoR compared real estate sales numbers between the City of Austin and the Austin-Round Rock MSA. Less than one in three homes sold in the Austin-Round Rock MSA. Less than one in five homes sold in the Central Texas region were sold within Austin’s city limits in September.
In September 2016, city of Austin single-family home sales declined 4.5 percent year-over-year to 746 home sales. Homes sales increased 1.3 percent year-over-year to 2,576 home sales across the Austin-Round Rock MSA. Across all of the Central Texas Region, single-family home sales were up 6.1 percent year-over-year.
Austin Area Real Estate Values Maintain Stable Growth
Median price for City of Austin homes increased 10.6 percent year-over-year to $345,000 from September 2015 to September 2016. Median single-family home price in September reached $275,250 across the five-county MSA. The median home price increased 7.5 percent from September 2015.
Statistics indicate that low inventory and high demand is helping to keep Austin real estate values growing. Housing inventory throughout the Austin-Round Rock MSA increased 0.1 months year-over-year to 2.7 months of inventory in September 2016. Despite incremental increases in housing inventory, supply is still far below the level needed for a balanced real estate market. The Real Estate Center at Texas A&M University’s estimation of 6.5 months in which the supply and demand for homes are balanced.
Real Estate Values Bolstered by High Demand
Housing inventory levels in Williamson County are now equivalent to inventory levels in the City of Austin. In September, the housing inventory for both Williamson County and the City of Austin was 2.4 months. Increasing housing statistics in Williamson County reflect growing real estate sales surrounding the City of Austin as demand for homes in those areas increase.
Illustrating the demand for homes outside of the city, single-family homes in surrounding markets continued to spend less time on the market in September 2016. In Williamson County, homes spent three less days on the market, or an average of 44 days. In Hays County, homes spent an average of 48 days on the market, one day less than September 2015.
Read more about Austin real estate sales.