Austin, Texas Real Estate Market Update and Statistics July 2020

Despite impacts from COVID-19, Austin-Round Rock Metropolitan Statistical Area home sales increased 9.3 percent in June 2020 compared to June 2019, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Median home price for the MSA increased 4.6 percent to $340,000.

“Strong home sales in June are good news for the real estate market across the region,” said ABOR President Romeo Manzanilla. “The increased sales last month helped limit the impact of the pandemic on the first half of the year overall.” Sales for the first half of 2020 were down 5.2 percent.

He said, “Increased pending sales signal a strong month of sales in July, but we have to remain cautious as Texas experiences a spike in COVID-19 cases and we are seeing shrinking housing inventory.”

Real Estate Center at Texas A&M University Chief Economist James Gaines said perspective is important when interpreting the COVID-affected market. “There are plenty of unknowns in the months ahead, but June home sales across the MSA being up 9.3 percent year over year was tremendous when considering the strength of 2019. And while home sales declined throughout the Austin-MSA during the first six months of 2020, we are still on track for a strong year.”

Gaines said inventory levels in Austin remain problematic. “Extremely low inventory is one of the factors that affects overall sales dollar volume while simultaneously creating a very competitive and tight market. Home builders aren’t building quite as many new homes, and sellers were hesitant to list their home during shelter-in-place orders. Even if we end up with a 3 to 4 percent decline in sales in 2020, that would still be a strong year for the region.”

For the city of Austin, home sales were down 5.3 percent compared to last June, while median price was up 3.3 percent to $407,000. Active listings were down 26.4 percent, and inventory decreased 0.4 months to 1.6 months. For the first half of the year in Austin, median price was up 9.7 percent to $406,000.

In June, Williamson County home sales increased 16.1 percent, and median price increased 4.9 percent to $304,090. In June, Hays County home sales increased 38.6 percent, and median price rose by 6.6 percent to $287,265.

Manzanilla added, “As listings fell again, REALTORS® continue to help clients stay safe by implementing new precautions, such as virtual showings and enhanced digital floor plans. It’s the perfect time to talk to a REALTOR®, who can help you decide what makes sense for you and your family. If your home needs have changed, there are plenty of potential buyers amid record-low levels of inventory across the MSA, and a REALTOR® will make finding a new home in a tight market a possibility.”

Austin-area June 2020 Sold Homes

• Number of sold homes: 3,969 (Up 9% compared to June 2019)
• Median sold price: $340,000 (Up 4% compared to June 2019)
• Days on the market: 44 (Down 4 days compared to June 2019)

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

• New listings: 4,170 (Down 5% compared to June 2019)
• Active listings: 5,300 (Down 32% compared to June 2019)
• Pending sales: 4,737 (Up 33% compared to June 2019)