The Central Texas Housing Market released reports from the Austin Board of REALTORS® (ABoR) that national disasters like Hurricane Harvey did not negatively affect the housing market in 2017. Instead, it grew.
According to the report, the Austin-Round Rock Metropolitan Statistical Area (MSA) home prices increased by 5.4 percent to $299,900 in 2017. Home sales increased overall, 2.4 percent annually with 30,059 homes sold, which is an all-time high.
The median price for an Austin single-family home increased to $362,000, with a sales increase of 2.5 percent with 9,278 homes sold.
“While the Austin area continues to break records, the pace at which annual home sales and prices are increasing in Central Texas is beginning to normalize, indicating a more stable market,” Steve Crorey, 2018 president of Austin Board of REALTORS, said. “Affordability in Austin and the surrounding areas remains a concern for potential buyers. It’s important to address this issue in the coming years through policies and development codes that allow for more diverse housing options so that everyone can participate in homeownership.”
Due to the population growth in Austin, home inventory has declined. The decline in home options has increased growth in the surrounding cities and suburbs, offering more affordable housing options for residents.
Williamson County saw a steady increase in single-family home sales, increasing the median home price to $275,000. Leander experienced the greatest growth margin with a 7.4 percent increase in sales. Cedar Park had a 4.5 percent increase, while Round Rock had a 3.7 percent increase. The Hays County median home price rose to $259,000 with a 4.8 percent increase and 3,472 in sales.
“As more families move outside city limits, the city of Austin will lose out on economic development opportunities,” Crorey said. “Initiatives such as CodeNEXT can pave the way for smarter more sustainable growth in Austin, and in turn make housing more affordable across the region. It’s imperative that we get a handle on our growth as a region through these types of initiatives.”
Read the full report here.
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