Austin, TX – The Austin housing market continued to see a double-digit increase in sales for the third month in a row. During October, homes sold faster and at record-high price points.
Austin Board of Realtors reported October active listings sold fast at 35 days on the market, down nineteen days from 2019. The median home price increased 13% year-over-year to $365,000, and active listings on the market are down a staggering 50% to 3,501. The ultra-competitive housing market has caused high demand and high prices. New home construction continues to expand throughout the Austin-area, building homes at a variety of price points.
Local City Council and ABoR leaders look ahead to 2021 for solutions to stabilize the market and combat the affordable housing crisis.
“The continued stability and strength of our market will be crucial heading into 2021. As we come to the end of a challenging year, I’m proud of the work that Austin REALTORS® have done to stabilize and grow our market,” Romeo Manzanilla, 2020 ABoR president and Realty Austin Broker in Charge, said. “While the full impact remains to be seen, the passage of Propositions A & B in Austin will increase the property tax bill homeowners receive over the next few weeks. Combined with rising home values, increasing demand, and limited inventory, homeowners should be prepared for their property taxes to continue to increase regardless of tax rates.”
Laura Huffman, president and CEO of the Austin Chamber of Commerce, said. “With a major transportation solution for our region now in place, we expect Austin City Council will turn their attention to the housing affordability crisis, which has only worsened during the pandemic,” added Manzanilla. “The Austin Board of REALTORS® looks forward to collaborating with both new and returning Council Members on ways to address this important issue.”
Single-Family Homes, Condos, and Townhomes
October 2019 vs October 2020
All Luxury Home Sales Over $1,000,000
October 2019 vs October 2020
These statistics are for single-family homes, condos, and townhomes across the Austin-Round Rock Metropolitan Statistical Area (MSA).
Homebuilders across Central Texas have noticed the high housing demand, developing new construction homes in the surrounding Austin-area. Austin American Statesman reports new home starts were up 17% in the 12 months that ended in September.
“The Austin market was hot before the virus hit,” said Vaike O’Grady, regional director in Austin for Zonda. “After a short hiatus, demand roared back, and that demand held throughout the summer. What’s more, it was evident across all price points and (areas).”
In this competitive market, prospective buyers should seek assistance from a REALTOR® who can actively win in multiple offer situations. Austin homeowners should not hesitate to sell their home. With Realty Austin’s new program, sellers have the power to buy their next home before selling their current home to ensure they sell for top dollar. Be prepared before selling. Check your home value and understand what opportunities you have when selling in an ultra-competitive market.
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.