The Austin Board of Realtors (ABoR) released May’s Austin-area statistics a few days ago and this infographic will give you a quick idea of the findings!
Last month, Austin had yet another record-setting May with median home prices rising to $271,000. (Last May, median home prices were just under $249K) Essentially, for those of you who said last year that you would wait till next year to buy- you’ll be needing to pay $22,000 more for the same house! The average (sold) home price in May was $348,201.
According to the same report, only 25% of single-family home options in our Central Texas region were under $200,000. Something tells me that percentage is even smaller in Austin proper.
Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “Affordability remains an issue across the region, identifying a need for Central Texas to address the “missing middle” with an influx of diverse housing stock.”
Often times, when I tell people I’m in real estate, they respond with something like “Oh wow! Austin is such a great market to be in!” I guess that depends on who you are. Ask the hard-working guy trying to buy a home in south Austin for under $200K and he’ll tell you “This market freaking sucks.” So, what is there to be done? We’ll save that for next week…