Red-Hot Real Estate

Austin housing market sets new record as median home price hits $575,000

Austin housing market sets new record as median home price hits $575K

Congress Avenue Bridge in Austin
Austin home prices are going one way: up. Photo by David Hensley/Getty Images

The hot, hot Austin housing market is establishing its “new normal,” with another record-breaking month in the books.

The latest monthly report from Austin Board of Realtors, released July 15, reveals record-setting sales at the metro level, and, yet again, record-setting prices at the city level.

Last month, home sales in the Austin-Round Rock metro were up 8.6 percent over the previous year, hitting an all-time high for any June on record, ABoR notes. A total of 4,369 homes were sold across the metro, which “contributed to an increase of 16.5 percent to 19,991 home sales during the first half of 2021,” ABoR says.

Meanwhile, the metro’s median home price grew 35.4 percent year-over-year to $440,000, a figure that is actually lower than the median price recorded in May ($465,000).

But in the city of Austin itself, prices were once again on the rise, with the median home price climbing to an all-time high of $575,000 — a whopping 30.9 percent jump from June 2020. As a reminder, in May, the median home price hit a then-record of $565,000.

At the city level, home sales were up 16.9 percent year-over-year (1,374 homes sold), also setting a record for the month of June, ABoR says.

Across Austin-Round Rock, homes spent a mere 13 days on the market last month, compared with 46 days in June 2020.

“As new homes are listed, they are quickly going under contract,” ABoR says.

Don’t expect the red-hot market to cool down any time soon. ABoR president Susan Horton refers to these trends as the “new normal.”

“In June and in the first six months of the year, we saw a confirmation that Austin’s housing market is one of the strongest in the nation,” Horton says. “Our market has established its own new normal, as median prices climb while inventory remains low. With the unprecedented growth our region continues to experience, we can expect these trends to continue.”