August was a popular month to move to Austin, and showed itself to be a strong buyer’s market month. Over 3,000 homes were sold this August. Homes are staying on market about as long as they were last August, around 50 days. The median price of homes increased by 7.5% or $22,478 from last August. In the Austin area, the median price of single-family homes is $322,478, a $2,478 increase from last month.
Inventory of total available homes is just over 3 months. A balanced market should have 6 months of inventory, so we’re about halfway there. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.
September 5, 2018