Another record-breaking month of home sales is in the books for Austin and the surrounding area. In May 2017, Austin-Round Rock metro area home sales hit their highest volume ever — $1.2 billion — says the latest monthly report from the Austin Board of Realtors.
The number of single-family homes sold in the metro increased 9 percent from May 2016, and the median home price grew 8 percent to $310,000, resulting in the record-breaking figure. It's the first time in 2017 that home sales have surpassed the $1 billion mark, and it reinforces that we're in for a hot summer selling season.
In the city of Austin, home sales grew almost 10 percent year-over-year, and the median price jumped almost 9 percent to $380,000. For perspective, the median price for 2016 as a whole was $340,000.
Don't expect prices to dip anytime soon. While housing inventory is on the rise (a good thing for potential homebuyers), the homes being added to the market aren't at entry level prices, says ABoR president Brandy Guthrie.
"Rising property values and housing development costs are rapidly causing an upward shift in the price range of residential real estate available within Austin and across the region," Guthrie notes. "This trend will not be reversed until our city is able to come together to create strong, purposeful changes to Austin’s zoning maps that paves the way for housing at all price ranges to exist."
Those looking for more affordable housing should consider the suburbs, like Hays and Williamson counties, where the median home prices are a more affordable $262,250 and $284,375, respectively.