Austin, Texas Real Estate Market Update and Statistics February 2020

Austin Area Median Home Price Sets January Record

The median home price for the Austin area increased 4.8 percent to $308,000 in January 2020, a record for that month, according to the Austin Board of REALTORS^® Central Texas Housing Market Report. Home sales were up 8.5 percent compared to January of 2019, while housing inventory fell to a “critically low” 1.6 month supply after a 0.6-month drop. Overall sales dollar volume increased 9.6 percent to $726,157,216. The report said “steady gains” in home sales signal a strong 2020, coupled with declines in inventory “amidst strong housing demand.”

ABOR President Romeo Manzanilla said, “We expect to see a significant increase in activity in the spring when market activity should climb naturally. While this January showed significant gains compared to January 2019, the beginning of the year is a traditionally slower time for new and active listings.”

National Association of REALTORS^® Chief Economist and Senior Vice President of Research Lawrence Yun added, “Austin’s engine of job and population growth is not projected to slow down anytime soon.”

In the city of Austin, the median price for homes increased 13.5 percent compared to last January, to reach a median price of $384,750. While home sales were up only a slight 0.6 percent to 638 sales, sales dollar volume was up 8.2 percent to $290,628,094. Monthly housing inventory dropped to 0.5 months to 1.1 months of inventory. This was a result of new listings decreasing by 10.6 percent, active listings dropping 32.5 percent, and pending sales increasing 8.6 percent.

Compared to January 2019, Williamson County home sales increased 11.6 percent, and median price increased two percent to $279,990. Inventory dropped 0.8 months to 1.5 months of inventory. In Hays County, home sales increased 22.8 percent, and median price declined 2.6 percent to $255,000. Inventory decreased 0.6 months to 2.3 months of inventory.

Austin-area January 2020 Sold Homes

• Number of sold homes: 1,947 (Up 8% compared to January 2019)
• Median sold price: $308,000 (Up 4% compared to January 2019)
• Days on the market: 62 (Down 12 days compared to January 2019)

Austin-area January 2020 Single-Family Homes on the Market

• New listings: 2,723 (Down 14% compared to January 2019)
• Active listings: 4,889 (Down 24% compared to January 2019)
• Pending sales: 2,956 (Up 13% compared to January 2019)

* ABOR’s January 2020 Central Texas Housing Market Report included all residential properties, rather than only single-family homes. Remarking on the change going forward, Manzanilla said, “Austin’s competitive housing market is changing the landscape of traditional homeownership. We’re seeing more homebuyers purchase condos and townhomes in an effort to live closer to the urban core or stay within their budget. Focusing only on single-family housing leaves out half of the story, especially in the city of Austin where multi-family housing options are not only desired but greatly needed.”