Happy Thursday,



It's officially summer break now, schedules are changing and it's HOT—time to get your swim gear on and used to the sweat.

This week, in local news, we're shedding light on the evolving landscape of South Congress Ave, where beloved local shops are grappling with crazy rent hikes of up to 500%, paving the way for corporate giants, likely altering the charm SoCo is known for.

Central Texas is on the cusp of another major pipeline project. Like most pipelines, this one has sparked a debate on environmental and land use concerns. So we find out what this project means for our Central Texas communities. In Market news, we're taking a first look at the local May sold stats, and diving into America’s top buyers' markets where homes are regularly selling below asking price. For investors, we look at how the changing landlord-tenant laws could reshape your investing strategy. Whether you're a longtime resident or new to Austin, staying informed about local developments is crucial for making smart property decisions and investments. That’s why we’re here to keep you in the loop.

May's Market Scoop:

So first look at last month's real estate sales around Austin and the MSA have given us plenty to chat about. Let's dive into the numbers and see what’s stirring!

For starters, the 5-county MSA’s median sales price dipped slightly by 2.15%, landing at $455,000. It’s a small pullback, giving buyers a bit of a break. However in Austin, things got a little mixed—the average sales price eased down by about 0.65% to $803,047, but the median price bucked the recent trend and climbed 2.69% to $610,000.

Inventory’s doing a little dance as well. The MSA saw a modest bump in inventory, up by 4.29% to 4.38 months, a more balanced market, even though it feels like a Buyer's Market. The City of Austin kept a steady rise, with inventory up to 4.74 months, keeping the game interesting and giving buyers some stable options, as fresh listings continue to come our way.

But get this—homes are coming off the market faster this month. In the MSA, homes are selling about 12.28% quicker, taking just 50 days on average. Austin’s seeing even speedier sales, with homes spending about 16.33% less time on the market, now down to just 41 days. This follows the month-over-month trend of decreasing days on the Market, with the increase in inventory this is a pretty healthy balance, that should lead to more sales as prices and rates remain stable.

Highlights for the 5-County MSA!

Units Sold:

2,986 homes sold, marking an 11.50% decrease from last May

(This number is preliminary and may change as sales are reported in MLS)

Average Sales Price:

Home prices decreased to $592,861, a decline of 3.82%

Average Days on the Market:

Homes sold faster, with days on market reducing to 50, down 12.28%

Median Sales Price:

Declined to $455,000, showing a decrease of 4.21% from May 2023

Highlights for the City of Austin!

(Rollingwood, West Lake, and Sunset Valley are included in our City of Austin stats)

Units Sold:

A total of 1,042 homes were sold, down by 13.02% from the previous year

Average Sales Price:

Increased to $803,047, up by 2.58%

Average Days on the Market:

41 days, showing a slight decrease of 2.38% from May 2023

Median Sales Price:

Increased to $610,000, marking a 4.27% rise

Highlights (Month-Over-Month)

• In the MSA, average days to sell dropped to 50 days, down significantly from 57 days in April.
• Median sold price in the MSA decreased by 2.15% to $455,000 from $465,000 in April, and in Austin, it increased by 2.69% to $610,000.
• Pending contracts in the MSA decreased by 5.54%, while in Austin, they decreased by 10.20%.
• Months of inventory in the MSA increased slightly from 4.20 in April to 4.38, and in Austin, it showed a minor increase from 4.52 to 4.74.
• New listings increased, with a 2.23% rise in the MSA and a 1.31% decrease in Austin from April.

Highlights for the 5-County MSA!

Units Sold:

2,986 homes sold, marking an 8.15% increase from April. (This number is preliminary and may change as sales are reported in MLS)

Average Sales Price:

Home prices decreased to $592,861, a decline of 1.61%.

Average Days on the Market:

Homes sold faster, with days on market reducing to 50, down 12.28%

Median Sales Price:

Declined to $455,000, showing a decrease of 2.15% from April 2024.

Highlights for the City of Austin!

(Rollingwood, West Lake, and Sunset Valley are included in our City of Austin stats)

Units Sold:

A total of 1,042 homes were sold, up by 3.89% from April.

Average Sales Price:

Decreased to $803,047, down by 0.65%.

Average Days on the Market:

41 days, showing a slight decrease of 16.33% from April 2024.

Median Sales Price:

Increased to $610,000, marking a 2.69% rise.

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