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June represented another record breaking month for Austin’s real estate market, according to the Austin Board of Realtors’ June Central Texas housing report released July 15.
The Austin-Round Rock Metropolitan Statistical Area saw an 8.6% year-over-year increase in the number of homes sold in June. The 4,369 homes sold—a record for the month—contributed to an overall 16.5% spike in home sales for the first half of 2021.
Across the five-county MSA, the median home price increased 43% compared to the same time period last year to reach $482,364. Additionally, regional housing inventory dropped to 0.6 months.
“In June, and in the first six months of the year, we saw a confirmation that Austin’s housing market is one of the strongest in the nation,” Susan Horton, 2021 ABoR president, said in the report. “Our market has established its own new normal, as median prices climb while inventory remains low.”
Horton said in light of this unprecedented growth, ABoR expects these market trends to continue.
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In western Travis County, the Lake Travis-Westlake region saw a median price increase on par with the Austin area but unlike the five-county MSA, the number of closed sales dropped in June. The area includes cities such as West Lake Hills, Rollingwood, Bee Cave and Lakeway, which together experienced a 10.1% drop in closed residential sales. In June, the median price increased 44.3% percent to $880,308—nearly $400,000 higher than the Austin MSA.
Homes in the Lake Travis-Westlake area spent just 16 days on the market in June compared to an average of 52 days in June 2020. According to ABoR, the decrease of days on the market indicate that as new homes are listed they quickly go under contract.