The report lists a median home price of $521,250 across the three cities in May. The price marks a 3.83% increase over April's median price of $502,000 and a 15.83% increase over May 2021's median price of $450,000.
Of the three cities, Round Rock's individual median price was highest in May at $544,955, followed by Pflugerville at $497,790 and Hutto at $433,000.
By comparison, the median price in the entire Central Texas market was $487,000 in May, while the median price in the city of Austin was $667,000.
The three cities saw a total 524 closed home sales in May, up from 484 in April. However, the figure falls short of last May's total of 665 closed sales.
The report also indicates a growing inventory of homes in the area, with Round Rock, Pflugerville and Hutto having a combined 498 active listings in May. The figure marks an increase both month over month and year over year with the cities having 346 active listings in April and 242 in May 2021.
Dr. Adam Perdue, a research economist at the Real Estate Center at Texas A&M University, said in the report that a growing supply of homes is a good sign for the market.
"This slight increase in inventory and active listings point to the market beginning to normalize," Perdue said. "While year-over-year price increases will continue to remain high, we project them to fall slightly lower than the long-term trend we’ve monitored over the past two years.”
