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Austin home prices keep setting records, worsening buyers' challenges

The median sales price in the city of Austin and the Austin-Round Rock metro continue to climb, according to the latest monthly market report from the Austin Board of Realtors. (Emma Freer/Austonia)

Another month, another double-digit increase in Austin's median home sales price.

The median home sales price in the five-county Austin metro increased 41.6% year-over-year, to an all-time high of $460,000, in April, according to the latest monthly report from the Austin Board of Realtors. In the city of Austin, the median home sales price increased at a slightly less dramatic rate—31.7% year-over-year—to a significantly higher price: $550,562, also an all-time high.


For prospective homeowners, it likely means an even more arduous buying process. "Homebuyers are having to get creative as the Austin housing market continues to be competitive," John Schutze, regional director and senior home loan officer at Texas Loan Experts, said in a Tuesday press release accompanying the report. "Potential buyers must be prepared to have a source of extra funds to make up for potential appraisal shortages."

High demand and low supply have been driving up Austin home prices for years. Since last summer, however, this dynamic has grown more acute. As a result, it is increasingly common for prospective buyers to face dozens of competing offers, many of which are well above the asking price, and to receive an appraisal value less than their offer price, which can drive up their down payment.

Because of the steep competition, many buyers are also waiving an appraisal, which means they commit to buying a home even if it receives a low appraisal, in an attempt to convince the sellers that they are serious. Sydney Schuster, a realtor at Open House Austin, recently told Austonia that this is the case 98% of the time.

Despite these challenges, aspiring homeowners have some reasons to be cautiously optimistic. "Austin-area housing inventory was slightly higher in April than in March," ABoR President Susan Horton said in the same release, "and the pace of home price appreciation month to month is slowing, indicating that the rush on the housing market at the beginning of the year could be easing."

Popular

Tito's releases (not so?) ugly sweater line for the holidays, profits to charity

Tito's Handmade Vodka

Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.

There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.

All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.

Click here to see the entire collection in the Tito's store.

Mac and Cheese Fest and Free Art Exhibit
Waterloo Greenway, Good Vibrations Installation


🗓 All weekend

🎨 Creek Show Art Exhibit

Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities

All weekend 6 p.m - 10 p.m | 📍Waterloo Park

✨ Mozart's Light Show

This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.

6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703

🗓 Saturday

🥊 Kickboxing in the Park

This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.

10 a.m - 11 a.m | 📍 Metz Park

🛍 The Front Market

Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.

11 a.m - 5 p.m | 📍Ani's Day and Night - 7107 E Riverside Drive, Austin, TX 78741

🗓 Sunday

🧀 Mac and Cheese Fest

Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.

11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway