The Headline Numbers
The May 2026 Central Texas Housing Report from Unlock MLS showed an Austin market that has stopped falling and started absorbing demand. The metro median sale price came in at $440,000, essentially unchanged from April and down less than a percent from May 2025. Homes are still selling below list, but the gap is narrow, and the pace of new buyers signing contracts is the strongest spring signal Austin has produced in two years.
| Metric (Austin metro, May 2026) | Value | MoM | YoY |
|---|---|---|---|
| Median sale price | $440,000 | Flat | -0.9% |
| Closed sales | 2,953 | Up | -3.4% |
| Pending sales | Near April's elevated level | Flat | +14.3% |
| Active listings | 12,508 | Up | Higher |
| New listings | 4,786 | Up | -16.7% |
| Months of inventory | 4.7 | Steady | Higher |
| Median days on market | ~48 | Faster | Roughly flat |
The story in one line: demand is firming while fresh supply pulls back. New listings fell 16.7% year over year to 4,786, which means the inventory buyers are choosing from is increasingly made up of homes that have been sitting, not brand-new arrivals. That dynamic favors well-priced, move-in-ready listings and punishes overpriced ones.
What Changed From April
April's metro median was also $440,000, so on a month-over-month basis pricing was flat. That stability matters. After the metro climbed from $400,495 in January to $412,000 in February, roughly $415,300 in March, and $440,000 in April, the question heading into May was whether the spring run-up would hold. It did. You can read the prior month's detail in our April 2026 recap.
The bigger month-over-month shift was velocity. Median days on market tightened to about 48 days, down from the high-60s reported in April, and the sold-to-list ratio firmed to roughly 97.6%. Active listings rose to 12,508 as more sellers tested the summer market, but the jump in pending contracts kept months of inventory steady at 4.7. In plain terms, Austin added inventory in May and still managed to absorb it.
Year-Over-Year Picture
A year ago, the Austin narrative was steady price erosion. May 2026 broke that pattern. The 0.9% year-over-year dip is a meaningful improvement over the 1.9% decline reported in April, the 3.0% in March, and the 3.6% in February. Prices are flattening out rather than continuing to slide.
| Month (2026) | Metro median | YoY change |
|---|---|---|
| January | $400,495 | -2.3% |
| February | $412,000 | -3.6% |
| March | $415,300 | -3.0% |
| April | $440,000 | -1.9% |
| May | $440,000 | -0.9% |
The demand side told an even clearer story. Pending sales rose 14.3% year over year, extending a streak of double-digit gains that started in late winter. Closed sales were down 3.4%, but that reflects a thin base from a year ago and the normal lag between contract and closing. With pending volume running this far ahead of last year, summer closings should follow.
Stepping back, the metro sits roughly 20% below its May 2022 peak of about $550,000, depending on the series you use. That correction has been underway for three years, and the May data suggest it is grinding to a close rather than accelerating.
| Reference point | Metro median | Vs. May 2022 peak |
|---|---|---|
| May 2022 peak | ~$550,000 | Peak |
| May 2024 | ~$455,000 | About -17% |
| May 2025 | ~$444,000 | About -19% |
| May 2026 | $440,000 | About -20% |
Sub-Market Breakdown
Austin is not one market, and May made that obvious. Travis County, anchored by the expensive city core, carried a median of $535,000, while the more affordable suburban counties to the north and south sat well below the metro line. Hays County was the lone area to post a year-over-year price gain.
| Sub-market | Median (May 2026) | YoY | Notes |
|---|---|---|---|
| Travis County | $535,000 | -3.9% | City core pulls the median up |
| City of Austin (proper) | ~$555,000 | Down mid-single digits | Zillow city series |
| Williamson County | $406,000 | -4.5% | Round Rock, Cedar Park, Georgetown |
| Hays County | $390,000 | +1.6% | Only area up YoY |
| Round Rock | ~$385,000 | About -6% | Value-tier suburb demand |
| Pflugerville | ~$400,000 | Roughly flat | Northeast corridor |
| Cedar Park | ~$480,000 | Down low single digits | Strong Leander ISD pull |
If you are weighing the suburbs, our guides to buying in Round Rock, Cedar Park, and Georgetown break down neighborhoods, schools, and tax rates in each. Williamson County's combined tax rates run lower than Travis County's, which is part of why the value-tier suburbs keep drawing first-time and relocating buyers. The northeast corridor around Pflugerville and Hutto also continues to benefit from the Samsung Taylor semiconductor build-out, which is still ramping and supports local demand.
What Buyers and Sellers Are Seeing
The May market gave both sides something. Buyers retained genuine leverage: the sold-to-list ratio near 97.6% means the typical home closed about 2.5% under asking, and price reductions remained common, with roughly three in ten active listings carrying a cut at some point. There is room to negotiate, especially on homes that have lingered past the 48-day median. Seller concessions in the 2-3% range, often $5,000 to $15,000 toward closing costs or a rate buydown, are still normal.
Sellers, though, are no longer staring at a falling market. Flat year-over-year pricing, a tighter days-on-market figure, and a 14.3% jump in pending demand mean that a correctly priced, well-presented home will sell, and some are now closing above list. The penalty falls on overpricing. With new listings down 16.7%, sellers who price to the comps face less fresh competition than they did a year ago. Our Austin buyer's guide walks through how to read these signals at each price tier.
Mortgage Rate Context
Financing remained the swing factor in May. The Freddie Mac 30-year fixed averaged roughly 6.44% across the month, opening near 6.37% in early May and drifting up to 6.53% by May 28. As of June 11 it sat at 6.52%. A year ago the same rate averaged 6.86%, so borrowers are paying meaningfully less than they were last spring, even if rates have not broken below 6%.
At about 6.5% on a $440,000 home with 10% down, the principal-and-interest payment runs near $2,500 a month before taxes and insurance. Push the down payment to 20% and that drops toward $2,225. Texas property taxes add a substantial layer on top, which is why the lower-tax Williamson and Hays County suburbs stretch a buyer's budget further than an equivalent price in Travis County. Builder incentives, including rate buydowns into the 4-5% range and closing credits, remain widely available on new construction and are worth factoring into any affordability comparison. Our 2026 cost-of-living and relocation guide puts these monthly costs in context.
What to Watch in June
June opens with the market's momentum intact and one major event on the calendar: the Federal Reserve meets June 16-17. Markets are pricing in a near-certain hold at the current 3.50%-3.75% target range, so the bigger question is the tone of the updated projections and whether officials signal any cuts later in 2026. Mortgage rates will react more to that guidance than to the rate decision itself.
On the ground, expect inventory to stay elevated but to keep getting absorbed. New listings have been falling year over year, and if pending sales hold near their spring pace, months of supply could tighten further into the summer. Pricing is most likely to stay flat to slightly positive, the same pattern May delivered. The early-summer window historically brings the year's peak buyer activity, and with prices roughly 20% below peak and rates below last year's, motivated buyers have a workable setup. Sellers who have been waiting for the market to firm have their clearest opening in two years, provided they price to current comps rather than to 2022. For the longer view, see our mid-year 2026 market forecast.
Frequently Asked Questions
What was the median home price in Austin in May 2026?
The median sale price for the Austin-Round Rock-San Marcos metro was $440,000 in May 2026, according to the Unlock MLS Central Texas Housing Report. That was flat compared to April and down 0.9% from May 2025. The City of Austin proper ran higher, near $555,000 per Zillow, while suburban counties like Williamson ($406,000) and Hays ($390,000) sat well below the metro figure.
Is Austin a buyer's or seller's market in mid-2026?
It is best described as balanced with a slight buyer tilt. With 4.7 months of inventory, a sold-to-list ratio near 97.6%, and price reductions on roughly 30% of listings, buyers retain real negotiating room. But pending sales up 14.3% year over year and flat pricing mean well-priced homes are selling quickly, so sellers are no longer at a clear disadvantage.
How much have Austin home prices fallen from their peak?
The Austin metro median sits roughly 20% below its May 2022 peak of about $550,000, a correction that has played out over three years. The May 2026 data suggest that decline has largely bottomed, with year-over-year drops shrinking each month through the spring. Most local forecasts call for flat-to-modest price growth rather than further large declines.
What are mortgage rates doing for Austin buyers right now?
The Freddie Mac 30-year fixed averaged about 6.44% in May 2026 and stood at 6.52% as of June 11. That is down from 6.86% a year earlier, which improves affordability versus last spring. Many new-construction builders are also offering rate buydowns into the 4-5% range plus closing credits, so the effective rate a buyer pays can be lower than the headline figure.
Which Austin suburbs are most affordable in 2026?
Among the major suburbs, Round Rock (around $385,000), Pflugerville (near $400,000), and Hays County markets like Kyle and Buda (county median $390,000) offer the most accessible price points. Williamson and Hays counties also carry lower combined property tax rates than Travis County, which further stretches a buyer's budget. Cedar Park and Georgetown's Wolf Ranch sit higher but still below the City of Austin median.