Central Austin's median home price topped $700,000 in May

Photo of a for sale sign in a yard
Central Austin home prices have exceeded a median $700,000 for the first time ever. (Iain Oldman/Community Impact Newspaper)

Central Austin home prices have exceeded a median $700,000 for the first time ever. (Iain Oldman/Community Impact Newspaper)

The median home price in Community Impact Newspaper's Central Austin readership area reached $701,450 in May, according to data from the Austin Board of Realtors, topping $700,000 for the first time.

Across the entire city, prices are breaking records, with Austin's median home price up 34.9% year over year to an all-time high of $566,500, but the capital city's core remains especially expensive. Median home prices in Central Austin have risen each month in 2021, climbing up over $100,000 since January and more than $150,000 since May of 2020, when pandemic stay-at-home orders slowed down the market during what is typically a strong selling season for residential real estate.

As the upward trend persists and inventory levels remain critically low, with less than a month of housing stock available, local real estate experts say affordable living options are becoming unattainable.

"Access to affordable home ownership has become a challenge for many Austin residents, but shrinking inventory, lot and labor shortages, and rising construction costs means it’s not an easy process to get more affordable housing on the market," said Nora Linares-Moeller, executive director of HousingWorks Austin, in a statement. "The solution here is to be strategic about placing lower-priced homes and rentals in all parts of the city and urge our city’s leaders to continue making affordability a priority."

ABoR representatives say Austin City Council's recent vote to increase the city's homestead exemption from 10% to 20% is a step toward making home ownership more affordable, and that local officials should focus on similar solutions moving forward.


“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," 2021 ABoR President Susan Horton said.
By Olivia Aldridge

Reporter, Central Austin

Olivia joined Community Impact Newspaper as a reporter in March 2019. She covers public health, business, development and Travis County government. A graduate of Presbyterian College in South Carolina, Olivia worked as a reporter and producer for South Carolina Public Radio before moving to Texas. Her work has appeared on NPR and in the New York Times.



MOST RECENT

The CDC reversed its masking guidance for fully vaccinated individuals in response to the transmissibility of the delta variant of COVID-19 in a press conference July 27. (Community Impact Newspaper staff)
NEW CDC GUIDANCE: All individuals should wear masks in K-12 schools, including those who are fully vaccinated

The new CDC guidance, announced July 27, also recommends people in areas with "high" or "substantial" levels of transmission wear masks regardless of vaccination status.

The monthslong search for Austin's new police chief is expected to wrap up before the end of August. (Ben Thompson/Community Impact Newspaper)
Search for Austin's next top cop narrows to 7 finalists; new chief to be named by end of August

Seven finalists from across the country remain in the search for Austin's next police chief, the city announced July 26.

Austin ISD will offer virtual learning options to students in kindergarten through sixth grade for the 2021-22 school year, according to a July 26 news release from the district. (Courtesy Adobe Stock)
Austin ISD plans to offer virtual learning for some students in 2021-22 school year

The district changed course on virtual learning after rising case counts led the local health authority to revert to Stage 4 guidelines, including wearing masks.

Chick-fil-A will open a location in downtown Austin on July 29. (Courtesy Chick-fil-A)
Chick-fil-A coming to downtown Austin; Dutch Bros Coffee opens in Round Rock and more Central Texas news

Located at 600 Congress Ave., Ste. C150, the newest outpost for the fast-food fried chicken giant is locally owned by Luke Steigmeyer.

City and criminal justice representatives gathered July 26 for a virtual forum about public safety in downtown Austin. (Screenshot via Downtown Austin Alliance)
Officials talk violent crime, diversion options amid continuing discussions over downtown Austin safety

City Council this week could also vote to roll out a new Sixth Street public safety strategy and support a county criminal justice diversion program.

State Rep. Vikki Goodwin, D-Austin sent a letter July 23 urging Gov. Greg Abbott to allow schools to require masks. (Courtesy Adobe Stock)
Texas state reps. call on Abbott to permit school mask mandates amid rising COVID-19 cases

The letter, spearheaded by Rep. Vikki Goodwin, called upon Gov. Greg Abbott and Texas Education Agency Commissioner Mike Morath to permit school districts to enact mask mandates and provide virtual learning options.

photo of Chick-fil-a fries and sauce
Chick-fil-A to open in downtown Austin July 29

A new location for the chicken giant is coming to 600 Congress Ave.

The new 35-story building overlooks Lady Bird Lake and Shoal Creek. (Trent Thompson/Community Impact Newspaper)
Workers celebrate topping out of Austin 'sailboat building' concrete structure

Workers who contribute to the construction of the Block 185 building celebrated topping off the structure, a big milestone for the development project that began in 2019.

A system to identify at-risk Austin Police Department employees has not been effective, officials said. (Screenshot via city of Austin)
Audit finds Austin police system to flag at-risk officers is failing

Austin's city auditor and police chief agree the police department's computer program to identify at-risk officers is not fulfilling its mission.

A rise in COVID-19 cases has Travis County back in stage 4. (Courtesy Adobe Stock)
Austin reverts to Stage 4 guidelines with rising delta variant cases

As delta variant COVID -19 cases are sending more young people to local ICUs, The Austin-Travis County Health Authority has moved the area back to guidelines that require masks indoors.

Opening day at Q2 Stadium
US men’s soccer team to visit Q2 Stadium this fall

The U.S. men's national team will host Jamaica for a FIFA World Cup qualifier game on Oct. 7.