May 2021 Housing Statistics and Market Update for Austin, TX

[Bryan Noth]

Austin, TX and the surrounding regions once again broke record highs for median price sales data. Interestingly this was not at the same accelerated rate we have seen in the preceding several months. The Austin-Round Rock MSA is up $5000 to a new high of $465,000 and the City of Austin saw a slightly higher rise of $15,000 to a new high of $565,000 for median sales price.

The following infographics and data is courtesy of the Austin Board of Realtors.

The amount of new listings continues to increase in year over year comparisons but is showing a slight decrease from the month prior for both the City of Austin and the Austin MSA. In addition, days on market dropped again last month to 16 days for Austin and 15 days for the MSA. This is down from the prior month where Austin was at 17 days and the MSA at 18 days on market. Comparing to last year that is a significant decrease of 33 days and 16 days respectively. This means homes continue to sit on the market for less and less time.

Total months of housing inventory remains at critical levels and continues mostly unchanged at 0.5 months for the area. Active listings are down and pending sales are up, both in comparison to the previous month as well as the previous year. This data strongly illustrates the steady stream of demand for housing and the correspondingly low levels of supply available.

Some great news for homeowners came last week after the Austin City Council voted to increase the Homestead Tax Exemption from 10% to 20%, the current maximum allowable per Texas law. This will hopefully provide some relief for the growing tax bills that many homeowners have seen accompany their quickly rising home prices.

I mentioned last month that 4 of the 5 counties that comprise the Austin MSA had 0.6 months of inventory or less. Those 4 counties (Travis, Williamson, Hays, and Bastrop) remain at 0.6 months of inventory or less but Caldwell County has now dipped below one month to 0.9 months of inventory as well. All 5 counties have seen double digit median price point appreciation from 2020 numbers. Williamson County with the highest at 50% year over year and Bastrop county with the lowest at 24%, which is nothing to scoff at.

Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.