In a recent report, Austin Board of Realtors (ABoR) released information detailing record-breaking stats for the city’s real estate market. Austin-area single-family home sales and prices set an all-time high in 2015 as well as for the month of December.
“Demand for Austin-area real estate was stronger than ever in 2015, primarily due to our region’s job and ongoing population growth,” says ABoR president Aaron Farmer. “However, low housing inventory levels, rising home prices, and high housing development costs have brought Austin’s housing affordability issues to critical levels.”
According to the report, there was a 5 percent increase in 2015 for the amount of single-family homes sold in the Austin area. The median price was $263,900, a 9 percent increase from 2014, while the average price for single-family homes was $333,558, 8 percent more than 2014. One of the only declines seen in 2015 was a 3 percent decrease in condo sales, however, the median price rose to $227,700, up 6 percent from 2014.
In December 2015, single-family home sales also set a monthly record, increasing 5 percent year-over-year. The median home price was $270,000, 10 percent higher than the previous year, while the average price was $348,904, 13 percent more than December 2014.
The total sales for single-family homes topped $9.6 billion in 2015, an increase of more than $1 billion from 2014.
In other words, Austin’s affordability is decreasing by the second, and these challenges are becoming aggravated by a continued shortage of housing inventory. ABoR mentions in the report that the group is actively advocating for a more affordable Austin through supporting initiatives and laws that will create a more reasonable city in which to buy a home.
ABoR’s president remains hopeful in the wake of this record-breaking year. “There are many opportunities, as well as many challenges, ahead in 2016,” he says.