June in Austin means temperatures are rising and so is our local Austin real estate market. The summer has just begun and the latest stats reveal that real estate sales volume in our city was at an all-time high for May.
It’s no surprise that it continues to be a strong seller’s market here in Austin where decreased inventory plus strong demand continues to stifle affordable housing options for Austinites. The median price for single-family homes in the city of Austin proper increased 3.7 percent year-over-year to $389,000 in May, another all-time high for the city.
The current market conditions are leaving little room for homebuyers specifically looking for homes in the $250,000 range. More and more buyers are looking for homes outside of Austin city limits. In the Austin Market area as a whole, home prices rose 5% year-over-year to the median home price of $325,000. If you are considering looking for a home outside of the city of Austin, neighborhoods like Headwaters in Dripping Springs, Bryson in Leander, and Tessera on Lake Travis are good places to start.
Real Estate Stats At A Glance
- The median home price in the city of Austin proper increased 3.7 percent y-o-y to $389,000
- Home sales in the city of Austin proper rose 5.9 percent to 1,037 sales
- The number of homes available on the market in the city of Austin decreased 6.8 percent to 1,533 listings
- Housing inventory in the city of Austin decreased from 2.1 months last year to 2.0 months
- In the Austin-Round Rock MSA, home sales volume rose 4.2 percent y-o-y to 3,210 sales
- The median home price in the Austin market area as a whole increased 4.8 percent year-over-year to $325,000
- Housing inventory in the Austin Round Rock MSA decreased from 2.8 months last May to 2.7
New Real Estate Developments On the Horizon
A California based developer is planning to build 414 homes close to the Mueller neighborhood, land that was once owned by the school district. Under the terms of the sale, the developer agreed to reserve 25 percent of its homes for affordable housing and market those units specifically to school district employees and families of children attending AISD schools before opening them up to the general public.
The Grove at Shoal Creek is a 75-acre mixed-use community that combines townhomes, condos, and single-family homes. Coming in 2018, the community offers single family homes, townhomes, and condo’s. Not only do they offer green space and parks but the community also hosts restaurants, shopping, and entertainment. This community is ideal for families and young professionals. This upscale living community is still accessible to downtown and other popular neighborhoods in Austin such as Tarrytown and Hyde Park.
Colony Park will be a a (much needed) mixed use development that is being planned out on one of the last large tracts of city land – 208 acres of land between Loyola Lane, Johnny Morris Road, and Decker Lane. The proposed development will bring 2400 housing units, retail and office space, transit center, and an “innovation district”. Colony Park is working with the city of Austin after receiving a $3 million dollar federal planning grant. According to the Austin Monitor, Catellus, the same developer behind Austin’s Mueller neighborhood, is on the shortlist to be chosen as the master developer.