The Central Texas area witnessed a record-breaking season, with home sales volume topping $1 billion for the fourth consecutive month. These staggering numbers make summer 2017 the highest-grossing selling season in the Central Texas region’s history. But, home sales volume isn’t the only story. According to the August 2017 Report released by the Austin Board of REALTORS®, single-family home sales and median home price increased, too. What else is happening in our local real estate market? The following reveals how the real estate market performed in August 2017:
Plus, continue below for an overview of how the recent real estate market updated impacted investment properties around the Austin area.
Austin-Area
- Single-family home sales increased by one percent in the Austin-Round Rock MSA to 2,994 home sales.
- The median price for single-family homes increased by four percent year-over-year to $300,000.
- The monthly housing inventory levels for single-family homes increased 0.4 months’ year-over-year to 3.1 months of inventory in August 2017.
- Active listings increased by 16 percent year-over-year to 7,781 listings.
- New listings jumped by eight percent from August 2016 to 3,316.
- Pending sales rose eight percent year-over-year to 2,710 pending sales.
- Homes spent an average of 46 days on the market.
City of Austin
- Single-family home sales increased by 6.1 percent in the city of Austin to 927 home sales.
- Median home price of single-family homes jumped 2.7 percent year-over-year in Austin to $361,000.
- Within the city of Austin, monthly housing inventory slightly increased to 2.4 months of inventory in August 2017.
- Active listings increased by nine percent year-over-year to 1,880 listings.
- New listings jumped by two percent from August 2016 to 956.
- Pending sales jumped two percent year-over-year to 801 pending sales.
- Homes spent an average of 35 days on the market.
Travis County
- Single-family home sales increased by 0.9 percent in Travis County to 1,463 home sales.
- Median home price increased by 2.7 percent to $350,000 in Travis County.
- In Travis County, the monthly housing inventory slightly increased to 3.0 months of inventory in August 2017.
- Active listings increased by 12 percent year-over-year to 3,722 listings.
- New listings jumped by four percent from August 2016 to 1,560.
- Pending sales increased by one percent year-over-year to 1,275 pending sales.
- Homes spent an average of 45 days on the market.
Williamson County
- Single-family home sales increased by 0.3 percent in Williamson County to 1,025 home sales.
- Median home price jumped 6.4 percent to $276,500 in Williamson County.
- The monthly housing inventory slightly increased to 3.0 months of inventory in Williamson County.
- Active listings increased by 24 percent year-over-year to 2,542 listings.
- New listings jumped by 15 percent from August 2016 to 1,170.
- Pending sales increased by 15 percent year-over-year to 975 pending sales.
- Homes spent an average of 47 days on the market.
What do these numbers mean for your investment property in the Austin area? Likely, your property has increased in value. On top of the median home price increase across the entire Austin area, county appraisers have also reported an increase in property values, around 8 percent in Williamson County and 6 percent in Travis County. What does the future hold? Professionals within the Austin Board of REALTORS® don’t expect the median home value or property value to decrease anytime soon…making the Austin area a great destination to diversify your investment portfolio by purchasing a rental property.
If you’re searching for an investment property in the greater Austin area, we can help! Not only can we help you locate a property to buy, but we can also help you manage that property. Give us a call today to get started.
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