Real Estate Market Conditions: Housing Overview
Summer is here! The growing housing market in Austin continues to increase the average closing price of homes. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Austin area. Summer is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in May when compared to April. 1,283 homes were sold in the Austin area. This is a dramatic 5.77% increase from last month and only a 8.29% decrease from last year.
Average Sold Price:
The average price of a home is currently $430,00 which is a 14.67% increase from last month and a 17.81% increase from last year. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average Sale-to-List Ratio:
In addition, homes are being close to their original asking price. On average, homeowners are making 99.6% of their home’s original asking price. This rate is a 1.40% increase from last year and a 1.20% from last month.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 39 days before being sold. An average of 39 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In Austin and the surrounding area, the inventory of homes has decreased by 9.39% from last year while the number of homes on the market increase by 18.76% from April to May. Potential buyers should be aware of the competitive environment if they plan to purchase this Summer.