Austin’s housing, rental inventories increase while area prices decline overall

The Austin housing market continues to see median home and rental prices decline while inventory levels rise, according to the latest Central Texas Housing Report from Unlock MLS. The median home price in the Austin-Round Rock-San Marcos MSA dropped 3.9 percent year-over-year to $430,000 in February. Closed sales in the MSA declined 6.5 percent to 1,856 transactions, but inventory levels rose to 5.7 months, providing more options for prospective buyers heading into the spring market. In Austin, the median home price increased by 2.6 percent to $564,000, despite a 1.2 percent decline in home sales to 674 transactions. The inventory level within city limits rose to 5.3 months, indicating a shift toward a more balanced market. Travis County saw a 2.2 percent increase in the median home price to $515,000, with sales down 4.1 percent year over year. The rental market also saw a drop, with the median rent in the MSA decreasing 2.4 percent to $2,195. In Travis County, the median rent dropped by 4.2 percent to $2,299, while Austin rents saw a 2 percent decrease to $2,400. Rental inventory across the city and county increased slightly, with Austin reaching 2.5 months and Travis County at 2.6 months.