Austin, Texas Real Estate Market Update and Statistics March 2021
published on March 23, 2021
Winter storms that knocked out power and water to many Texans slowed February 2021 Austin-area home sales – but not prices. Home sales in the Austin-Round Rock Metropolitan Statistical Area declined eight percent in February, the first time sales have dipped since June 2020. Median price, meanwhile, jumped 22.5 percent to an all-time high of $395,000, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Inventory hit a record low of 0.4 months following a drop of 1.2 months.
“Although the winter storms slowed activity in February, this does not indicate a market slowdown. We’re still very much in a sellers’ market,” said ABOR President Susan Horton. “Across the region, a high quantity of offers, cash offers, and requests to waive appraisals or option fees are increasingly commonplace. Transaction contracts are complex with negotiations that require the expertise of a REALTOR® to navigate.”
In the city of Austin, home sales decreased 4.6 percent in February 2021, while median price increased 24.3 percent to hit $491,000 – an all-time high for any month. Inventory decreased 0.6 months to a 0.5-month supply.
In Williamson County, home sales decreased 25 percent in February 2021, while median price increased 25.9 percent to $364,950. Inventory decreased 1.3 months to a 0.3-month supply.
Hays County was the exception: home sales increased 9.8 percent, while median price increased 7.1 percent to $301,000. Inventory decreased 1.9 months to a 0.4-month supply.
Horton said while the storm exacerbated the supply issue, now is not the time to wait for the market to slow down.
“Anyone interested in buying or selling a home in the next few months should start preparing now by determining what lending options are available to you, any financial or credit changes needed to boost your approval odds, and where you’re flexible in terms of home location and amenities. A REALTOR® can help connect you with a lender and set you up for success through this extremely competitive and increasingly complicated process.”
National Association of REALTORS® Chief Economist and Senior Vice President of Research Lawrence Yun said, “Although it’s not visible, mortgage rates will continue to rise throughout the year. Get all your documents and finances prepared early, and realize you may not buy your dream home, but it will be a worthwhile investment.”
Austin-area February 2021 Sold Homes
- Number of sold homes: 2,389 (Down 8% compared to February 2020)
- Median sold price: $395,000 (Up 22% compared to February 2020)
- Days on the market: 31 (Down 32 days compared to February 2020)
Austin-area February 2021 Single-Family Homes on the Market
- New listings: 2,565 (Down 24% compared to February 2020)
- Active listings: 1,310 (Down 74% compared to February 2020)
- Pending sales: 2,573 (Down 15% compared to February 2020)
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