The number of homes for sale in the Austin area has reached its highest level in 13 years. Photo by Kurt Harvey on Unsplash

CultureMap Austin writes, "Potential homebuyers on the prowl for a house in the Austin-Round Rock-Georgetown area have a lot more inventory to choose from than usual. Active listings rose to over 12,000 residential properties in May, according to the latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR).

The spike in active listings is a 37.7 percent year-over-year increase from May 2023, the report said, with more than 5,200 new home listings added last month in a 16.3 percent increase from this time last year. Median prices for homes in the Austin-Round Rock-Georgetown MSA dipped to $459,450 in May after they reached nearly $470,000 in April.

This glut of available housing allows buyers a greater level of selectivity when choosing their next (or first) home, according to Unlock MLS and ABoR housing economist Clare Losey. But it's not clear enough to determine whether it's a buyers' or sellers' market.

"Although it may appear to be a buyer's market from the outside, it’s important to understand the context behind these statistics, including higher interest rates resulting in a reduction in purchasing power," Losey said.

While the number of active listings in the are up, the number of sold homes went down in May. 2,968 residential homes were sold last month, showing a 12.8 percent drop from May 2023.

Central Texas housing trends in May 2024

In Travis County, 1,308 homes were sold last month, which is a stark 18.8 percent less than last year. Median prices rose to $555,000. Active home listings continued skyrocketing to 6,276 homes in May, which is nearly 47 percent more year-over-year.

Over in Williamson County, exactly 1,000 homes were sold last month, with median prices stabilizing at $435,000 for the second month in a row. There were more than 1,600 new home listings on the market, representing a near 18 percent increase from May 2023, bringing the total number of active home listings to 3,375.

After residential home sales flattened across Hays County in April, sales rose just slightly to 466 in May. Median prices slipped 2.5 percent year-over-year to $389,850. Active listings rose 27.2 percent year-over-year to an even 1,800 homes with the addition of 733 new listings on the market.

Home sales in Bastrop County took the biggest hit across all five counties, with only 138 total homes sold in May in a 9.8 percent drop from this time last year. Median prices fell 5.4 percent year-over-year to just under $350,000. There were 633 active listings on the market last month, and 216 new home listings, showcasing a slight 1.4 percent decrease in new inventory when compared to last year.

Home sales in Caldwell County flattened in May, amounting to 56 homes sold for a median price of $281,990. There were 128 active homes on the market, and 61 new home listings, which contributed to a year-over-year plateau in new inventory."

Source: CultureMap Austin

Written by: Amber Heckler 

Published: June 14, 2024

Posted by Grossman & Jones Group on


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