The summer market in Austin is hot, and keeping pace with last years trends. About 3,300 homes sold this June, compared to a slightly higher 3,415 last June. Homes are staying on market the same amount of time as last May, around 45 days. The notable difference is the median price of homes. In the Austin area, the median price of single-family homes for June 2018 is $326,250, a 3.9% increase from last June, and a $1,250 hike from last month.
Inventory of total available homes is at almost 3 months, this highest it’s been all year. 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.
June 25, 2018