AUSTIN, Texas — Median home listing prices in the Austin metro area have increased a whopping 52.3% since May 2019, according to a new housing report from Realtor.com.
Meanwhile, the median price-per-square foot has increased by 64.7%, the report shows.
According to Realtor.com’s May Monthly Housing report, the median listing price in the Austin-Round Rock-Georgetown area was $565,000 for May 2024. That's a large increase from 2019, but down 3.1% from last year and up just 0.2% from last year in the median price-per-square foot.
While home prices saw a large increase over May 2019, Austin was the top metro to see inventory surpass pre-pandemic levels, up 33.6%. San Antonio saw inventory increase 31.8% in the same period, while Denver saw a 22% increase.
Other large metros in the report that saw similar home price increases of around 50% since 2019 include Boston; Hartford, Connecticut; Las Vegas; Los Angeles; Memphis, Tennessee; Nashville, Tennessee; Phoenix; Providence, Rhode Island; Riverside, California; San Diego and Tampa, Florida.
Nationwide, the number of homes actively for sale was notably higher compared with last year, growing by 35.2% – a seventh-straight month of growth. The total number of unsold homes, including homes that are under contract, increased by 20.9% compared with last year, the report said.
The median price of homes for sale in May nationally remained relatively stable compared with last year, growing by 0.3% to $422,500, Realtor.com said. However, the median price per square foot grew by 3.8%, indicating that the inventory of smaller and more affordable homes has grown in share.
Homes spent 44 days on the market, which is one day more than last year but eight days shorter than before the COVID-19 pandemic.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.