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May 2018 Central Texas Real Estate Market Update – Daytha Hulion Realtor

May 2018 Central Texas Real Estate Market Update

Home prices continue to rise in the Austin-Round Rock Metropolitan area, as I’m sure you have noticed.

The Austin Board of Realtors recently shared, “The median price for single-family homes in the city of Austin increased 3.7 percent year-over-year to $389,000 in May, an all-time high for the city.“ That information is based on the May 2018 stats recently released by the Austin Board of Realtors. That report also shows the following:

Bastrop County

Median Price of Single Family Homes: $224,000

Months of Inventory: 3.2

 

Hays County

Median Price of Single Family Home: $272,990

Months of Inventory: 3.1

 

Travis County

Median Price of Single Family Home: $375,000

Months of Inventory: 2.6

 

Williamson County

Median Price of Single Family Home: $303,500

Months of Inventory: 2.6

 

To give you an idea of the increase, in May of 2018, compared to May of 2017, each of these areas saw an increase in median sales prices from between 2.6% and 6.7%. Also note that inventory in all of these areas remains lower than a balanced market of 6.5 months.

But, will things continue as they have been, with home prices rising? Probably for a while still, but that may change over the next several years because interest rates have been on the rise recently. According to bankrate.com the average 30-year fixed rate mortgage now has a 4.7 annual percentage rate. Also, the Federal Reserve Committee is expected to raise rates two more times this year. If rates continue to rise over coming years, as they are expected to, that could slow down home buying and cause home prices to become steady or even decrease over time. So, if you have been thinking of buying at a lower interest rate, now is the time to do it, if you have been thinking of selling, now is a great time, and if you have been wanting to refinance your house, I encourage you to do that right away.

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