Fall 2018 is off to a busy start! The median price for the Austin area in October is $308,355. Last October the median sale price was $286,742, which shows a 7.5% increase year over year. More homes sold this October than last, and homes are staying on market as long as they were last October, around 55 days.
Inventory of total available homes is sitting at 3 months. A balanced market should have 6 months of inventory, so we’re still in a seller’s market. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.
October 18, 2018