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This North Austin home is listed at $566K, just under the median home price in Austin. (realtor.com)

The median home price in the city of Austin reached an all-time high of $566,500 in May, jumping nearly 35% year-over-year, according to the Austin Board of Realtors' latest market report.


"Austin's housing market has become one of the most competitive markets in the U.S.," ABoR President Susan Horton said. "As new companies relocate to Austin and the city's popularity draws in new residents, the sheer demand for housing has created a critical inventory shortage, reinforcing that affordability and accessibility to housing across our region is a real concern and should be a top priority for local leaders."

Labor shortages and rising construction costs are also driving up prices—and pricing out prospective buyers.

Strong demand and double-digit price increases are not limited to the city of Austin. The five-county Austin metro also saw its median home price reach an all-time high of $465,000 in May, according to the market report. The median home price in Travis County increased 41% year-over-year to $550,000. In Williamson County, it increased 50% to $435,000. And in Hays County it increased 42.5% to $380,000.

Nora Linares-Moeller, executive director of the nonprofit HousingWorks Austin, said the housing market is already prohibitively expensive for many Austiniites. "The solution here is to be strategic about placing lower-priced homes and rentals in all parts of the city and urge our city's leaders to continue to make affordability a priority," she said.

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