Average home prices increased 42.6% in Leander and 56.2% in Cedar Park last month compared to May 2020 home prices, according to Austin Board of Realtors data. Rising home prices and appraised home values come amid record-low inventory in Cedar Park and Leander.

May home sales in Leander increased 14.9% from 2020, and the average price reached $511,233—a 42.6% year-over-year increase. There were 0.3 months of inventory and 36 active listings, according to the May data report.

Leander homes, including single-family homes, townhomes and condos, spent an average of six days on the market, per the report.

In Cedar Park, 177 homes sold in May—a 77% increase from 2020. The average home price was $563,335, which is up from $541,114 in April and a 56.2% increase from 2020. There were 0.4 months of inventory and 37 active listings, according to the May data report.

Cedar Park homes spent an average of 8 days on the market in May.

Across the Austin metropolitan area, the median home price reached $465,000—a record high and 48% increase from last year, according to ABoR’s May report.

The number of home sales also recorded at its highest with 3,976 sales in May, but the number of active listings dropped 71% compared to May 2020.

“Austin’s housing market has become one of the most competitive markets in the U.S.,” the board’s president Susan Horton said in a release. “As new companies relocate to Austin and the city’s popularity draws in new residents, the sheer demand for housing has created a critical inventory shortage, reinforcing that affordability and accessibility to housing across our region is a real concern and should be a top priority for local leaders.”