The year 2016 was another record-breaking year for Central Texas home sales.
According to the December and year-end 2016 Central Texas Housing Market Report released today by the Austin Board of Realtors, single-family home sales across the Austin and Round Rock area rose 3.9 percent year-over-year in 2016, which is an all-time high for the volume of annual home sales. The median price for single-family homes also rose 7.2 percent year-over-year, and houses spent about two months on the market in 2016, according to the report.
In Cedar Park, single-family home sales decreased 0.7 percent year-over-year in 2016, while median home price rose 6.9 percent to $293,000. Leander home sales increased 3.4 percent year-over-year in 2016, while median home price rose 12 percent to $266,000.
According to the report, the housing market in the area could begin to normalize in 2017.
“The Central Texas housing market is slowly beginning to align with long-term historical trends. Homes are spending more time on the market and the pace of both home sales and price growth is slowing,” said 2017 ABOR president Brandy Guthrie. “This normalization does not necessarily mean a weakening housing market, but a return to less aggressive market conditions.”
In Travis County, single-family home sales increased 3.3 percent in 2016 to 14,621 home sales, while the median price increased 6.5 percent from 2015 to $330,000. Homes in 2016 spent an average of 49 days on the market, or about three days more than in 2015.
In Williamson County, single-family home sales increased 2.5 percent to 10,102 home sales, while the median price increased 6.2 percent from 2015 to $260,000. Homes spent the same amount of time on the market in 2016 as in 2015, or an average of 48 days.
In Hays County, single-family home sales increased 7.3 percent to 3,485 home sales, while the median price increased 5.2 percent from 2015 to $243,000. Homes spent an average of 56 days on the market in 2016, which is one day less than in 2015.
“While the region’s job growth have slowed over the last few years, overall the Central Texas economy and housing market continue to be strong,” said Mark Sprague, State Director of Information Capital for Independence Title. “The 2017 housing market will likely outpace last year’s levels, but at a less robust margin. Recent increases in mortgage rates could continue the current pace of home sales growth into the first part of the year.”