Austin, TX – The winter storm caused the first dip in home sales since June 2020, but the market is still red hot. Demand is high, inventory is low, but there is still an opportunity for potential buyers and sellers to participate in the market. Median home prices continue to rise, increasing 22% from last February to $395,000. Experts warn that now is not the time to wait for the market to slow down as mortgage rates will begin to increase as the year progresses, and sellers should start prepping for the busy summer selling season.
In the Austin-Round Rock MSA, single-family home sales decreased 8% year over year in February to 2,389. Total sales dollar volume increase by 15% to $1.2B. During the same period, active listings declined 74%, driving the median price for single-family homes to $395,000. Homes continue to sell quickly, averaging 31 days on the market, down 32 days from last February.
Local REALTORS® are adjusting to the fast-paced market to assist their clients in winning the best deal.
“Although the winter storms slowed activity in February, this does not indicate a market slowdown. We’re still very much in a sellers’ market,” Susan Horton, 2021 ABoR president, said. “Across the region, a high quantity of offers, cash offers, and requests to waive appraisals or option fees are increasingly commonplace. Transaction contracts are complex with negotiations that require the expertise of a REALTOR® to navigate.”
Here’s what Realty Austin is doing now to help clients win in a fast-paced market:
- Realty Austin has select access to real-time data on which offers win or lose in the Austin-area local markets to guide clients on making a successful offer
- Clients can make an all-cash offer through Realty Austin’s Cash Bridge program
- Clients can buy a home before they sell their current home when they’re ready to act fast and on their timeline
Single-Family Homes, Condos, and Townhomes
February 2020 vs February 2021
All Luxury Home Sales Over $1,000,000
February 2020 vs February 2021
Nationwide, there is a lack of housing inventory. This dynamic market will continue to adjust throughout the year as mortgage rates increase and home prices increase due to a lack of active homes for sale.
“Anyone interested in buying or selling a home in the next few months should start preparing now by determining what lending options are available to you, any financial or credit changes needed to boost your approval odds, and where you’re flexible in terms of home location and amenities,” concluded Horton. “A REALTOR® can help connect you with a lender and set you up for success through this extremely competitive and increasingly complicated process.”
Don’t hesitate to list your home. Realty Austin has partnered with Homeward to Offer a Cash Bridge program so homeowners can make a competitive cash offer on their next home, move on their timeline, and sell their current home for top dollar.
Get a comprehensive analysis of your home’s value in today’s market using Realty Austin’s new Market Snapshot tool.