A house in the Austin metro took a median of 27 days to sell in July 2018. The 30-year fixed averaged 4.53% that month. Closed volume was 3,040 homes, up 8.4% year over year. The median sale was $316,348, up 3.7% year over year. That made it a market tilted to sellers.
Austin market statistics, July 2018
| Metric | July 2018 |
|---|---|
| Median sale price | $316,348 (+3.7% YoY) |
| Median price per sq ft | $151 (+3.3% YoY) |
| Homes sold | 3,040 (+8.4% YoY) |
| New listings | 3,352 |
| Active inventory | 7,719 (-2.5% YoY) |
| Months of supply | 2.5 |
| Median days on market | 27 |
| Sale-to-list ratio | 98.7% |
| Sold above asking | 21.3% |
| Listings with a price cut | 37.8% |
| 30-year fixed rate (avg) | 4.53% |
Pre-Approved vs. Underwritten: Which One Wins
A pre-approval letter is a lender's opinion. A fully underwritten approval is a lender's commitment with the income and assets already verified, and in a competitive Austin summer it is worth more than a few thousand dollars of price. Sellers here read certainty, not enthusiasm.
What changed since June 2018
The median fell $8,652 from June 2018, a 2.7% move. Time on market lengthened by 5 days, to 27. Active inventory grew by 102 listings, to 7,719. The share of homes selling over asking gave up 2.5 points, to 21.3%.
One month is noise. The reason to read it anyway is that direction shows up in inventory and days on market well before it shows up in price, so the months where those two disagree with the headline number are the interesting ones.
Where this month sits in the cycle
| July 2018 | June 2018 | July 2017 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $316,348 | $325,000 | $305,000 | range $255,626–$325,000 |
| Median days on market | 27 | 22 | 23 | range 16–54 |
| Active inventory | 7,719 | 7,617 | 7,915 | range 4,660–7,915 |
| Months of supply | 2.5 | 2.3 | 2.8 | range 2.1–3.3 |
| Sold above asking | 21% | 24% | 21% | range 14%–30% |
| 30-year fixed rate | 4.53% | 4.57% | 3.97% | range 3.44%–4.59% |
The right-hand column is the range this series has covered since October 2016. No forecast in it, just where July 2018 falls against every month that came before it.
If you are buying in Austin right now
At 2.5 months of supply, sellers still have the edge on the best listings and buyers have real leverage on everything else. The spread between those two groups is where the negotiation lives.
The average sale closed at 98.7% of list, essentially at asking. The negotiation in a month like this happens on price cuts before you arrive and on repairs after you are under contract, not on the headline number.
The payment math. At $316,348 with 20% down at 4.53%, principal and interest runs about $1,287 a month. Add roughly $527 for property taxes and $211 for insurance and you are near $2,025 a month all in. Texas has no state income tax and this is where the state collects instead, budget the tax line from day one, not as an afterthought.
If you are selling: 27 median days on market means your first two weeks decide the outcome. Price to the last ninety days of closed comps, not to what your neighbor listed at and did not sell. Condition and photography are doing more work now than they were two years ago.
Neighborhood in focus
Crestview & Brentwood (78756 & 78757). Little Deli, Brentwood Social House, Crestview Station. Known for old-Austin feel, hidden gems. It fits buyers who want a neighborhood that still feels like old Austin.
The metro numbers above are an average of a very unequal city, Crestview & Brentwood does not move in lockstep with Kyle or Leander, and the gap between ZIPs widens in exactly the months the metro looks calm. There is a longer, more honest write-up at /neighborhoods/crestview-brentwood/, including what is wrong with it.
On in Austin, July 2018
| When | What | Why it matters to a listing |
|---|---|---|
| Jul 4 | Fourth of July Concert and Fireworks, Auditorium Shores / Lady Bird Lake | The Austin Symphony on Auditorium Shores with fireworks over the lake. Downtown and the south shore close from late afternoon. |
What is coming next
Council votes August 15 on McKalla Place. CodeNEXT's fate is also on the agenda, and after three drafts the appetite is visibly gone.
Common questions
What are the best neighborhoods in Austin for families?
It depends on what you are optimizing for, and anyone who answers without asking is selling you something. Broadly: Circle C, Steiner Ranch and Avery Ranch for space and schools; Mueller, Crestview and Brentwood for walkability with a yard; Westlake and West Lake Hills for Eanes ISD if the budget reaches; Hyde Park and Bryker Woods for older homes near central. There are honest write-ups of nine of these at theaustinlocalgroup.com/neighborhoods, including the parts that are not flattering.
Is it a good time to buy a house in Austin?
It is a reasonable one. At 2.5 months of supply neither side has a decisive edge, which means the outcome depends more on the specific house and your specific terms than on the market. That is the normal condition, and Austin has not spent much of the last decade in it.
How much are property taxes in Austin?
Combined city, county, school district and community college rates in the Austin area generally land between about 1.8% and 2.5% of assessed value, and higher inside a Municipal Utility District, where 3%+ is possible. There is no state income tax in Texas, and property tax is the trade. Two things every buyer should do: file a homestead exemption by April 30 of the year after you close, which caps annual taxable value increases at 10%, and check whether your target address sits in a MUD or PID before you finalize your budget.
What should I know about flooding before buying in Austin?
Central Texas is Flash Flood Alley: thin soil over limestone, steep terrain, and storms that stall. Austin models its own floodplain, which is often stricter than FEMA's, so a house can sit outside the FEMA 100-year map and inside the city's. Standard homeowners insurance does not cover flood, NFIP policies take 30 days to take effect, and plenty of local flooding happens outside mapped floodplains. Pull both maps and get a flood quote during your option period.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers July 2018; every figure is as reported for that month, and nothing in it looks past it.
Source: Redfin Data Center metro market tracker: single-family, Austin-Round Rock-San Marcos metro, not seasonally adjusted. Mortgage rates are the monthly average of the Freddie Mac Primary Mortgage Market Survey 30-year fixed rate. Payment, tax and insurance figures are estimates for illustration and are not a quote. Median sale price is not a guarantee of value for any specific property.
Written by Mike Vilece, a licensed Texas real estate agent with Compass in Austin. If you want the version of this that applies to your street and your budget, ask me directly.