AUSTIN, Texas — In May 2019, Austin’s median home price increased to a record-setting high of $407,400.
- Austin median home price $407,400
- Recently 3.4% drop in home sales
- More than half of Gen Z adults saving to buy a home
That's despite the May 2019 Central Texas Housing Report showing a decline in new and active listings and a 3.4 percent drop in home sales.
The city’s healthy real estate market hasn’t been good news for the Austin Independent School District. Families moving out of the district to find more affordable housing has negatively affected the district's projected growth. In response, AISD is now allowing students outside district boundaries to transfer in.
RELATED | Median Price for Austin Homes Hits All-Time High
Meanwhile, surrounding areas continue to experience strong gains as high prices in Central Austin drive demand to the suburbs.
Austin and Round Rock single family home sales increased by 6.2 percent year-over-year, with the home sales dollar volume up 14.8 percent to nearly $1.5 billion — the highest volume to date. The median home sales price increased by 4 percent to $335,000 with 1 percent less inventory than in 2018.
Generation Z Believes Owning a Home Is Worth It
The Austin home-buying season is in full swing, and our youngest generation of buyers are taking note.
More than half of Generation Z adults are already saving for a home.
59 percent of people between the ages of 18 and 23 want to buy within the next five years. That's according to a new Bank of America Homebuyer Insights Report.
Nearly two-thirds of the generation's possible home buyers think they will receive some help to buy. But most plan to pay it back. On the other hand, 40 percent of Millennials say they have no plans to pay it back.
Do you have ideas or suggestions for your new neighbors? We want to hear from you. Whether you're a newcomer or one of the rare Austin originals, send us an e-mail with suggestions or ideas at austinnewcomers@charter.com or you can tag us on social media with #NewcomersNews.