In June 2019, 24% of Austin-area homes sold for more than the asking price. The median sale was $332,327, up 2.3% year over year. Homes took a median of 24 days to sell. That made it a seller's market.
Austin market statistics, June 2019
| Metric | June 2019 |
|---|---|
| Median sale price | $332,327 (+2.3% YoY) |
| Median price per sq ft | $157 (+3.4% YoY) |
| Homes sold | 3,260 (-0.5% YoY) |
| New listings | 3,757 |
| Active inventory | 7,432 (-2.4% YoY) |
| Months of supply | 2.3 |
| Median days on market | 24 |
| Sale-to-list ratio | 98.9% |
| Sold above asking | 24.4% |
| Listings with a price cut | 31.5% |
| 30-year fixed rate (avg) | 3.8% |
The Camping Ban Repeal Enters Every Showing
Council repealed the public camping ban on June 20. It became, immediately, the most argued-about local issue in Austin, and the state has already signalled it intends to respond. Buyers started asking about it on tours, which is not a question I had fielded before that summer.
What changed since May 2019
The median rose $2,327 from May 2019, a 0.7% move. Time on market lengthened by 2 days, to 24. Active inventory grew by 338 listings, to 7,432. The share of homes selling over asking gave up 2.2 points, to 24.4%.
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
| June 2019 | May 2019 | June 2018 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $332,327 | $330,000 | $325,000 | highest since Oct 2016 |
| Median days on market | 24 | 22 | 22 | range 16–58 |
| Active inventory | 7,432 | 7,094 | 7,617 | range 4,660–7,969 |
| Months of supply | 2.3 | 2.1 | 2.3 | range 2.1–3.8 |
| Sold above asking | 24% | 27% | 24% | range 14%–30% |
| 30-year fixed rate | 3.8% | 4.07% | 4.57% | range 3.44%–4.87% |
The right-hand column is the range this series has covered since October 2016. No forecast in it, just where June 2019 falls against every month that came before it.
If you are buying in Austin right now
2.3 months of supply is a seller's market, but not a chaotic one. Good homes priced correctly move in the first weekend; anything still sitting after three weeks has a reason, and finding out what it is before you offer is the whole job.
The average sale closed at 98.9% 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 $332,327 with 20% down at 3.8%, principal and interest runs about $1,239 a month. Add roughly $554 for property taxes and $222 for insurance and you are near $2,014 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: you have the leverage, and the mistake available to you is overpricing into it anyway. Homes were selling in 24 days. A listing that sits three weeks in this market has told every agent in town that something is wrong, and you will end up taking less than if you had priced it right on day one.
Neighborhood in focus
UT Area & Bryker Woods (78703 & 78705). West Campus, Bryker Woods, Old West Austin. Known for uT-adjacent investment potential. It fits investors and buyers who want to be in the center of everything.
The metro numbers above are an average of a very unequal city, UT Area & Bryker Woods 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/ut-area-bryker-woods/, including what is wrong with it.
On in Austin, June 2019
| When | What | Why it matters to a listing |
|---|---|---|
| Mid-June | Republic of Texas Biker Rally, Travis County Expo Center, east | Four days. Congress Avenue and the east side carry the traffic and the noise; the effect on showings is loud rather than obstructive. |
| Jun 19 | Juneteenth, East Austin | Parade and celebrations through east Austin, where the holiday has been marked since 1867. Street closures in 78702 and around Rosewood. |
What is coming next
Q2 Stadium breaks ground in the fall. The new land development code draft is expected in October.
Common questions
Are Austin home prices going up or down?
Up 2.3% year over year as of June 2019. Austin's price growth in this period is running well ahead of national averages, which is a function of job growth, not of anything unusual about the houses.
Should I buy in Austin or in the suburbs?
The honest trade: Round Rock, Cedar Park, Leander, Pflugerville, Georgetown, Kyle and Buda will get you meaningfully more square footage and, in Round Rock ISD, Leander ISD and Lake Travis ISD, schools that rate as well or better than most Austin ISD zones. What you give up is proximity, and in Austin proximity is the scarce good. The drive from Leander to downtown at 8am is not the drive you tested on a Sunday. Check the MUD rate before you compare prices; a suburban house can carry a higher monthly cost than a more expensive central one.
I am moving to Austin from California. What actually surprises people?
Four things, in order of how much money they cost. Property taxes, which run roughly 1.8-2.5% and have no Proposition 13-style cap beyond the 10% homestead limit. Homeowners insurance, which is among the highest in the country because of hail. Summer utility bills in an underinsulated house. And foundations: much of the region sits on expansive clay that moves with drought and rain, so watering your foundation is a real practice here and a structural engineer's report is money well spent on any older slab home.
How much do I need to earn to buy a median-priced Austin home?
At $332,327 with 20% down at 3.8%, the all-in monthly payment is roughly $2,014 including estimated taxes and insurance. At a 30% housing-to-income ratio that implies household income around $81,000. Lenders will approve you well above that; whether you should go there is a different question. Property taxes are estimated at 2.0% of value, verify the actual rate for the specific address, because a MUD can push it past 3%.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers June 2019; 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.