Austin, Texas Real Estate Market Update and Statistics April 2020
published on April 16, 2020
Steady March 2020 Home Sales for Austin Area
City of Austin Monthly Median Price Highest on Record
Austin-area home sales for March 2020 remained largely untouched by the COVID-19 shelter-in-place orders that went into effect on March 24, according to the Austin Board of REALTORS® Central Texas Housing Market Report. In March, Austin-Round Rock Metropolitan Statistical Area home sales increased 2.2 percent compared to the previous year, while median price was up 11.7 percent to $335,200. Inventory was down 0.7 months to 1.6 months of inventory, while average days on the market went from 65 days to 54 days.
In the city of Austin, home sales were flat in March 2020, while median price increased 14 percent to $415,000, an all-time high for any month on record. Compared to last year, inventory dropped 0.5 months to 1.2 months of inventory.
Williamson County home sales increased 0.4 percent, while median price increased 6.8 percent to $293,805. Hays County home sales increased 16.5 percent, while median price increased 11.8 percent to $285,000.
“For most of March, it was still ‘business as usual,’ and REALTORS® adapted early to continue serving homebuyers and sellers safely,” said ABOR President Romeo Manzanilla. “Declines in listing activity and pending residential sales in March indicate that we won’t begin to see the true impact of COVID-19 on the housing market until our April report.”
Heritage Title of Austin Senior Vice President of Education and Training Lea Holubec said, “The approach to closing a home looks very different right now, but activity has not dipped.” She did caution that homebuyers should be prepared for the closing process to take longer than usual.
Manzanilla emphasized, “Like REALTORS®, sellers should remain cautiously optimistic during this time. Austin-area homebuyers are still looking to buy homes, and fewer homes on the market means stronger demand and increased visibility for your property. Despite the challenges of COVID-19, we’re still in a sellers’ market and sellers should be encouraged to list their homes.”
Austin-area March 2020 Sold Homes
- Number of sold homes: 3,042 (Up 2% compared to March 2019)
- Median sold price: $335,200 (Up 11% compared to March 2019)
- Days on the market: 54 (Down 11 days compared to March 2019)
Austin-area March 2020 Single-Family Homes on the Market
- New listings: 3,770 (Down 12% compared to March 2019)
- Active listings: 4,908 (Down 26% compared to March 2019)
- Pending sales: 2,852 (Down 19% compared to March 2019)
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