Austin’s housing market is on track for a record year even as it is starting to calm, according to the Austin Board of Realtors.
In October, the median home price across the Austin area hit $455,000, up 24.7% year over year, according to ABoR data. However, the number of homes sold decreased 12.1%, to 3,250 closings over the same time frame.
“We are beginning to see a glimpse into what buyers and sellers can expect in our housing market moving forward,” ABoR President Susan Horton said in a press release.
In October, the median home price in the city of Austin rose 21.1% from 2020 to $536,000. In Travis County, the median price increased 21.8% to $522,625 year over year.
Over the last year, the supply of homes available has strained the housing market, according to ABoR data. In October, there was one month of housing inventory available across the city of Austin, Travis County and the Austin region. For most of the last year, there has been less than a one-month supply, according to the data.