Austin Housing Market Report | February 2020
  Economy | Market Statistics

Austin Housing Market Report | February 2020

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Austin Real Estate Market Statistics

Austin market remained strong and competitive in February

AUSTIN, TX—In February, housing sales remained strong as REALTORS® adapt amid the COVID-19 pandemic. Residential home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) increased by 6.8% along with a 12.8% increase in median sales price to $327,140.

While sales increased from 2,363 homes in February 2019 to 2,524 homes last month, new listings decreased 11.8% year-over-year, and inventory dropped to 1.5 months of inventory, painting the picture of Austin’s historically competitive housing market and high demand. With the impact of COVID-19 beginning to take hold, it’s uncertain how social distancing will affect the way the market continues to operate.

Romeo Manzanilla, RA’s Broker in Charge and 2020 ABOR President, said, “Historically low interest rates are a driver in the market response we saw in February and will continue to act as a driver despite our shared concerns over the impact of COVID-19 in our community.”

There are a number of tools REALTORS® will use to provide a safe home buying and selling experience during these times as everyone makes changes to accommodate the Center for Disease Control’s guidelines.

“The housing market is absolutely still open for business, but the business of real estate is evolving like we all are through this experience,” Manzanilla concluded.

Austin’s diversified and strengthened economy over the past two decades lead experts to believe Austin’s housing market will be resilient during this uncertain time.

Single-Family Homes, Condos, and Townhomes

February 2019 vs February 2020

February 2020 Single Family Homes, Condos, and Town Homes Snapshot

All Luxury Home Sales Over $1,000,000

February 2019 vs February 2020

February 2020 Luxury Home Sales Real Estate Snapshot

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.

Agent Market Update

“This is a shift unlike anything we’ve experienced before. I do still have active buyer clients – they’re moving here no matter what and they need to find a home. We’re doing our best as a company to get creative on how we conduct business – virtual tours, video walk-throughs by sellers, Zoom consultations – while still making sure we abide by the Shelter in Place order and keeping everyone’s health and safety at the forefront.”

Elle Klein Garrison, Broker Associate, Realty Austin

“The need for housing hasn’t stopped and the market is still highly competitive. Some buyers still have to buy and some sellers still have to sell. People are still moving to the Austin area. Multiple offers are still happening. With the new order to Stay In Place, clients are also understanding the safety of the community comes first, and that showings will be stopped until the order is lifted.”

Jen Murray, REALTOR®, Realty Austin

“This is new/uncharted territory for all. There are still plenty of buyers needing to move and the already low inventory of home listings is still resulting in multiple offer situations in our area. Realty Austin is staying on top of the frequent directives and working diligently to keep our clients informed and safe while we all navigate through these new challenges.”

Amy Edwards, REALTOR®, Realty Austin

Try the new

Modern. Mobile. Map-centric.

For the last year, we’ve been reimagining the home search experience in a new mobile-friendly, map-centric website designed to help you and your co-buyer collaborate on your favorite listings and share comments with each other. Save your search and get notified the moment your dream home hits the market.

Just Reduced

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