Austin, TX – Central Texas home sales skyrocket 23% in January despite housing inventory nearing zero. High demand for housing has homes selling as soon as they hit the market for about 10-20% above asking. Bidding wars are driving up the price with median home price increasing 19% from last January to $365,000. While it’s may take a few weeks to see the effects of the winter storm, experts foresee that this may only increase demand in Austin’s tight market.
In the Austin-Round Rock MSA, single-family home sales increased 23% year over year in January to 2,523. Total sales dollar volume experienced an outstanding double-digit increase by 53% to $1.16B. During the same period, active listings declined 73%, driving the median price for single-family homes to $365,000. Homes continue to sell quickly averaging 33 days on market, down 33 days from last January.
Local builders are working steadily to replenish housing inventory, projecting to list 6,000 new homes by the summer – just enough to meet the current demand.
“There is strength across every price point and demand for every product,” Vaike O’Grady, Regional Director with Zonda said. “Despite developers building as quickly as they can throughout the region and more than 6,000 homesites projected to come online within the next six months, the overall number of lots in development is only just able to keep up with current demand. This means that homes will continue to sell as soon as they hit the market, and prices will continue to steadily rise in the months to come.”
Single-Family Homes, Condos, and Townhomes
January 2020 vs January 2021
All Luxury Home Sales Over $1,000,000
January 2020 vs January 2021
Market stats provided by Austin Board of Realtors
Experts predict the winter storm may cause more disruptions to the market’s inventory as sellers withdraw listings to repair any damages made to their property. Susan Horton, 2021 ABoR president, gives insight into the market reaction to the recent weather events that impacted nearly 60% of Central Texans.
“While it will be weeks before we know the full impact of the winter storms on our communities, the disruption in transactions and the high demand for repair services will further complicate an already complex housing market. It is of the utmost importance to have a REALTOR® on your side to help you understand all options available to you. That includes down payment resources and ways that you can bridge the gap between selling your home and buying your next one.”
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 own timeline
The list of companies relocating and expanding into the Austin-area is creating thousands of job opportunities and a competitive housing market at every price point. Now is the time to evaluate your goals and get ready for your next move.
- If you’re thinking of selling, discuss your home’s appreciation and current value, with a professional REALTOR® to create a listing strategy for maximizing the greatest return on your sale
- Buyers, it’s important to understand the state of today’s fast-paced market and your options for finding a home. Mortgage rates are still at all-time lows and Realty Austin’s Cash Bridge program can help clients submit an attractive all-cash offer to put you a step above the competition
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.