Austin Real Estate Market Update Aug 2018
The Austin real estate market has begun to level off and slow down a bit, but that fact is not yet fully reflected in the market statistics, other than Days on Market creeping up. Nevertheless, Median Sold price is up to $322K, an increase of 8% over August 2017.
I see more price drops coming across the listing update feeds I follow as well, and I also see more “back on market” listings. This softening of the Austin real estate market may more fully appear in the September through December stats as I expect Days on Market to keep rising and price increases to slow.
Real Estate cycles in Texas have traditionally run 4 to 7 years. We’re in year 7 of a continuous increase in prices, which is outpacing the very strong job growth Austin has enjoyed over the same period. But prices have run away from wages. Austin proper is officially “unaffordable” to most median wage earners now.
Let’s take a look at the stats for just the City of Austin below. While the Median sold price for the greater Austin area overall is $322K, for Austin itself, it’s $393K (including condos – higher if you look at houses alone), a 9% increase over a year ago.
By comparison, both Hays County to the south and Williamson County to the north of Austin have median sold prices still below $300K.
What are your thoughts on the Austin real estate market and where it’s going? Feel free to leave a comment.