The median home price in the greater Austin area reached an all-time high of $465,000 in May, according to the Austin Board of Realor’s May Central Texas housing report, released June 15.
The five-county Austin Round Rock Metropolitan Statistical Area has proven itself as one of the most competitive real estate markets in the country, according to Susan Horton, 2021 ABoR president.
“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,” Horton said in the release.
Residential home sales also hit a record high in May with a 48% year-over-year increase. Additionally, median sales price spiked 42.4%, and monthly housing inventory declined to what ABoR considers a critically-low inventory rate of 0.5 months.
The same holds true in Travis County’s Lake Travis-Westlake region, which includes cities such as Lakeway, Bee Cave, West Lake Hills and more.
May home sales jumped 67.7% in the area compared to a 49% year-over-year decline experienced in May 2020.
The median sales in the Lake Travis-Westlake region increased 34.8% and is higher than the five-county MSA at $822,500. The price per square foot also jumped 49.2% compared to the previous year.
While housing inventory in the Lake Travis-Westlake region is slightly higher than the overall MSA at 0.6 months, inventory remains critically low. In May there were 201 active listings compared to 780 in May 2020, demonstrating how quickly available homes go under contract, according to ABoR.