If we compare the market this May to the market last May, many of the stats look similar. About 3,200 homes sold this May and last May. 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 was $325,000, a 4.8% increase from last May, and a $9,000 hike from last month.
Inventory of total available homes is just over two months. This is under the ideal amount of homes for sale in a balanced market. Buyers can likely expect rising home prices and higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.
May 24, 2018