Sales and Demand Continue To Increase Across Austin in March
March was another historic month in the Austin housing market as 2,714 homes were sold during the month which marked the most ever recorded! The Austin housing market continues to show increased demand, with double-digit percent increases in sales in March 2018 according to the Austin Board of REALTORS® (ABoR). The Austin-Round Rock Metropolitan Statistical Area (MSA) experienced a 10.5 percent increase in sales compared to the same time last year, the March 2018 Central Texas Housing Market Report found.
In the Austin-Round Rock MSA, the median price of single-family homes increased 3.5 percent to $305,233. Housing inventory levels decreased 0.2 months from March 2017 to 2.2 months of inventory.
In the Austin-Round Rock MSA, homes priced between $150,000-$250,000 stayed on the market less than 50 days on average. In the city of Austin, single-family homes in this price range spent, on average, between 27-35 days on the market in March 2018 due to the critically low supply of homes within Austin.
City of Austin
In the city of Austin, single-family homes spent an average of 46 days on the market, or five fewer days than March 2017. Single-family home sales increased 8.5 percent from March 2017 to 831 sales. The median price for single-family homes remained flat in March, with a 0.1 percent year-over-year increase. Housing inventory decreased from 1.7 months of inventory in March 2017 to 1.5 months of inventory this year.
In March, single-family home sales in Travis County increased 12.8 percent year-over-year to 1,388 sales. The median price for single-family homes in Travis County grew 1.4 percent year-over-year to $355,000 in March. Housing inventory decreased by 0.2 months from the previous March to 2.1 months of inventory.
Single-family home sales increased in Manor to 41 home sales, while the median price increased 6.5 percent year-over-year to $195,900. In Pflugerville, sales decreased 17 percent to 83 home sales, while median price of single-family homes increased 6.8 percent to $251,500.
Williamson County experienced a 9.1 percent increase in sales volume year-over-year to 915 home sales. During the same time frame, the median price for single-family homes increased 4.6 percent to $277,383. Inventory of single-family homes in Williamson County decreased slightly from last year’s 2.3 months of inventory to 2.2 months of inventory in March 2018.
In Leander, March sales jumped 33 percent to 125 sales, while the median price of single-family homes increased 22 percent year-over-year to $297,500. Cedar Park experienced opposite results: March sales volume decreased 28.8 percent to 84 sales. The median price of Cedar Park homes increased 8.1 percent year-over-year to $319,000. Round Rock experienced a subtle bump in sales from last March—2.5 percent—to 167 sales, while median home price increased 7 percent to $259,000.
March sales in Hays County increased 2.8 percent to 293 home sales compared to the previous year, with a similar annual increase in the median home price—2 percent—to $260,000. Inventory of single-family homes in Hays County remained unchanged at 2.6 months of inventory from the previous March.
Sales in Buda decreased 35.1 percent year-over-year to 24 sales, but the median home price increased 7.4 percent to $280,000.