State of the Greater Austin Real Estate Market Update 2018

Austin area real estate market

The greater Austin real estate market continued to show signs of strong growth at the end of 2018, and the consensus is that this will continue into the foreseeable future with some market normalization.

In the Austin-Round Rock Metropolitan Statistical Area (MSA), sales volume slightly increased year over year from 2,185 sales in November 2017 to 2,201 sales in November. Meanwhile, the median home price rose 2.2 percent year over year to $301,391.

New listings were on the rise for the five-county MSA, up 1.7 percent year over year to 2,380 listings in November. During the same period, active (on-market) listings increased 11.5 percent, and pending sales rose 2.5 percent, indicating larger inventory levels but also more buyers to absorb part of that increase. Monthly housing inventory increased to 2.7 months of inventory (6 months of inventory is considered a “balanced market,” meaning that neither buyers nor sellers have an advantage.

The number of days (on average) that a house spends on the market increased 3 days to 64. Over time, this figure has continued to slowly grow, indicating a rise in both inventory levels and the time it takes for a home to sell.

“Families and young professionals continue to move to the suburbs where there are more opportunities for home ownership at a more reasonable price point than in the city of Austin,” said Steve Crorey, president of the Austin Board of REALTORS®. “While home sales growth isn’t as rapid in the city, demand is still strong. Analysts predict Austin will be a market to watch in 2019.”

The moral of the story? Today is still a great time to buy and sell real estate in the greater Austin area. If you have any questions about how this information affects your real estate portfolio, please reach out to me anytime. I’m always happy to help.

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