Austin housing market reacts to COVID-19
AUSTIN, TX— As anticipated, Austin-area home sales declined last month, but homes spent less time on the market and sold at higher prices than last April.
So what can we expect from the housing market in the coming months? Realty Austin’s co-founder and Chief Technology Officer, Jonathan Boatwright, sat down with nationally recognized real estate economist, Dr. Mark Dotzour for an engaging interview where they discussed the future of mortgage rates, home prices, job growth, the stock market, and more. Watch the webinar now!
Residential home sales decreased by 21% in the Austin area in April. Sales dollar volume fell 18% to $1.06B. Active listings declined 7% to 6,349 driving housing inventory to 2.1 months, 0.2 months lower than this time last year. Median sales price increased 3% to $325,000 and homes spent nine fewer days on the market, or an average of 43 days.
Economists and real estate experts are optimistic that Austin’s housing market is resilient. Listing and showing activity is already on the rise. ABoR President Romeo Manzanilla stated, “Efforts to recognize real estate as an essential business helped lessen the negative impact of the pandemic during April. We’re hopeful this growth will continue in the coming weeks and months.”
“As the economy steadily reopens, expect more listings to pop up, which will help ease the housing shortage. By the end of this year, home sales could be at levels comparable to 2019,” Lawrence Yun, chief economist and senior vice president of research at the National Association of REALTORS®, said.
Single-Family Homes, Condos, and Townhomes
April 2019 vs April 2020
All Luxury Home Sales Over $1,000,000
April 2019 vs April 2020
These statistics are for single-family homes, condos, and townhomes across the Austin-Round Rock Metropolitan Statistical Area (MSA). If you would like similar statistics for a specific area, property type or price range, please contact us and tell us how we can help. Use our new market snapshot tool for a comprehensive analysis of your home’s value in today’s market, or call us for an analysis of comparable homes sold.
Hear From Realty Austin’s Top Agents
“I toured six houses this weekend (all over town) and there were buyers lined up to see all of them. I wrote offers on four different properties and all four of the sellers received multiple offers. The market feels like it did back in February, before mandated Stay at Home orders were in place. “
Adam Walker, Broker Associate, Realty Austin
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