The 2017 year-end Central Texas Housing Market Report was recently released, showing record-breaking figures for the number of homes sold in the area. The Austin Board of Realtors (ABoR) report shows a 2.4% increase in the number of home sales for the Austin-Round Rock Metro, reaching a new high of 30,059.
The market report also indicated that the average home price has continued to rise here in the US’s 31st largest metropolitan, as demand continues to outweigh supply. The average price achieved for a home within the Austin-Round Rock Metro for 2017 was $299,900, an increase of 5.4% compared to 2016.
Austin-Round Rock 2017 Stats
$299,900 average home price (up 5.4% from 2016)
30,059 number of homes sold (up 2.4% from 2016)
City of Austin
Taking a look at the City of Austin: more of the same. New records were also set in the city in 2017, achieving a highest-ever average home price. ABoR’s year-end Central Texas Housing Market Report showed the average price for a single-family home had risen in 2017 to an all-time high of $362,000.
The market report highlighted that the number of sales had continued to increase through 2017, rising 2.5% to 9,278. This is coupled with a decrease in the housing inventory, the average time on the market slipping from 1.6 months in 2016, to 1.5 months in 2017.
City of Austin 2017 Stats
$362,000 average home price (up 5.4% from 2016)
9,278 number of homes sold (up 2.4% from 2016)
1.5 months of inventory (down 0.1 from 2016)
The Austin Board of Realtors 2017 Central Texas Housing Market Report highlighted a number of things which those with an interested in Austin real estate might like to consider.
While the housing inventory in the city fell, the number of homes available on the market actually increased in the suburbs. This is in keeping with the expansion of the city, as further lying neighborhoods are now reaping the benefits of recent gentrification.
The market report also picked up on what happened around the metro in December. Interestingly, while both October and November saw declining numbers of sales, December picked up and was a busy month, with 802 homes sold showing an increase of 13.4%.