The rental market has increased over 20% in most areas, showing evidence the leasing market is keeping pace with the increased sale prices. We're also noticing an increase in 1031 exchanges into the Austin area from out of state. Check out the 1031 guide our partners at IPX have put together on our investment page.
We are not seeing any slow down in the market, which can occur when temperatures reach 100+ degrees in the summer. The greater Austin area posted record-breaking increase in the median home price in May. Elevating to an all-time high—for any month on record—to $465,000, while both home sales and sales dollar volume skyrocketed. You may have noticed that lumber prices are falling which may be great news for those buyers seeking to remodel, or build a home. We will soon see if the drop in lumber prices has a more reaching effect on the overall market.
Here are some of the recent stats, If you’d like more targeted information, I’d be happy to jump on a call or zoom to share more about what’s happening in the local markets
City of Austin
In the city of Austin, the median home price jumped 34.9% year over year to $566,500—an all-time high for any month on record. Home sales increased 54.5% to 1,270 sales, as sales dollar volume spiked 115.7% to $897,154,544. During the same period, new listings increased 6.6% to 1,447 listings, active listings dropped 62.2% to 630 listings, while pending sales increased 20.3% to 1,399 pending sales. Monthly housing inventory decreased 1.2 months year over year to 0.5 months of inventory.
At the county level, home sales increased 53.1% to 2,009 sales, and sales dollar volume jumped 119.4% to $1,412,690,349. The median price for a home increased 41% year over year to $550,000. During the same period, new listings slightly increased 0.3% to 2,172 listings, active listings declined 67.5% to 945 listings, and pending sales increased 8.9% to 2,105 pending sales. Monthly housing inventory decreased 1.4 months year over year to 0.5 months of inventory.
In Williamson County, May home sales increased 47.3% to 1,358 sales, while sales dollar volume rose 118.9% to $654,675,633. The median price rose 50% to $435,000, and new listings increased 19.5% to 1,524 listings. At the same time, active listings fell 73.9% to 472 listings, while pending sales increased 7.4% to 1,515 pending sales. Housing inventory declined 1.4 months year over year to 0.4 months of inventory.
Round Rock has approved a development will offer around one million-square-feet of mixed-use space on a 65-acre property. The District will be conveniently located near SH 45 and I 35 and contain 900 multi family units, a luxury hotel and 200,000 sq/ft of retail space.
To search for luxury homes and/or view the June 2021 luxury home sales report, click here.
The luxury home market has seen a rise in demand for homes with land. In fact the demand has been so great that homes that were previously less desirable are selling quickly. These homes are being renovated to take advantage of having not only a luxury home but luxury with land.
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