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Housing Market Update

More than 29,000 (29,569) single-family homes were sold in the five-county MSA in 2016, a 3.9 percent increase from 2015 and an all-time high for annual home sales volume. Median price for single-family homes rose 7.2 percent from 2015 to $284,000, while home sales dollar volume jumped 9.1 percent from 2015 to $10,456,084,996. Homes spent an average of 50 days on the market in 2016, an increase of two days from 2015.

Housing inventory levels remained unchanged from year-end 2015 to year-end 2016, ending December 2016 at 2.0 months of inventory. This is two-thirds less than the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market. In December 2016, single-family home sales rose 1.9 percent year-over-year to 2,373 home sales, while median price rose 6.9 percent to $290,000.

“While the region’s job growth have slowed over the last few years, overall the Central Texas economy and housing market continue to be strong,” said Mark Sprague, State Director of Information Capital for Independence Title. “The 2017 housing market will likely outpace last year’s levels, but at a less robust margin. Recent increases in mortgage rates could continue the current pace of home sales growth into the first part of the year.”