Austin, TX – The Austin housing market continued to thrive during the month of September, normally known as a slow month after the busy summer selling season. The pandemic has brought unprecedented changes to the housing market with total sales dollar volume up 51% year-over-year to $1.77B. The booming housing market provides relief to the recovering economy but the demand for housing inventory is still on the rise, as homeowners stay in place. The current competitive market has provided sellers the opportunity to sell their homes faster and for more.
Austin Board of Realtors reported September active listings sold fast at 37 days on the market, down fourteen days from 2019. The median price increased 12% year-over-year to $355,000 as a direct result of active listings being down 49% to 3,708.
A record-low home inventory of 1.2 months increases the demand for affordable housing. Buyers are going to bat in this ultra-competitive market, seeking assistance from a real estate professional to help them win their dream home at the right price.
ABOR President and Realty Austin Broker in Charge, Romeo Manzanilla, provides solutions to calm the market.
“The Austin area needs more housing supply at all price points in order to stabilize home price growth and help make homeownership accessible, especially for first-time homebuyers,” Manzanilla said. “REALTORS® will continue working aggressively to navigate a competitive, fast-moving housing market on behalf of their clients.”
Vaike O’Grady, Austin regional director for Zonda (formerly Metrostudy), said: “We need to remove the barriers to new construction and open up more building opportunities across the region to create more inventory for buyers.”
Single-Family Homes, Condos, and Townhomes
September 2019 vs September 2020
All Luxury Home Sales Over $1,000,000
September 2019 vs September 2020
These statistics are for single-family homes, condos, and townhomes across the Austin-Round Rock Metropolitan Statistical Area (MSA).
Surrounding Austin counties are seeing significant spikes in sales as buyers look further out of the city for a home. Hays county home sales spike 50.3% and total sales dollar volume increased 78%. Bastrop saw home sales increase 69% and total sales dollar volume soar to 96.6%.
Manzanilla says, “Austin’s suburban markets have historically offered housing stock at lower price points that created an opportunity for people when buying or renting inside Austin city limits was not an option. Now, these markets are showing the same gains in prices and declines in inventory as we’re used to seeing inside Austin, putting pressure on the market as a whole.”
In this competitive market, prospective buyers and sellers should seek assistance from a REALTOR® who can work aggressively with you to find your dream home in your ideal location. Austin homeowners should not hesitate to sell their home. Through the Power of Realty Austin’s Cash Bridge program, you have the power to buy your next home before you sell your current home to ensure you sell for top dollar. Be prepared before you sell. 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.