Austin, Texas Real Estate Market Update and Statistics October 2020
published on October 19, 2020
Austin-area Home Sales Increase Dramatically
Home sales in the Austin area increased dramatically in September 2020, as momentum from a later start to the selling season continued to build. Sales in the Austin-Round Rock Metropolitan Statistical Area rose 31.5 percent in September 2020 compared to September 2019, while median price increased 12.1 percent to $355,000, according to the Austin Board of REALTORS® Central Texas Housing Market Report. At the same time, active listings dropped by almost half and housing inventory decreased to a 1.2-month supply.
“The housing market is pumping billions of dollars into our region’s economy at a time it’s greatly needed, but we also need to be cognizant of the impact such rapid activity is having on record-low inventory levels and rising home prices,” said ABOR President Romeo Manzanilla. He said, “Austin’s suburban markets have historically offered housing stock at lower price points,” but now “these markets are showing the same gains in prices and declines in inventory as we’re used to seeing inside Austin, putting pressure on the market as a whole.”
In the city of Austin, home sales increased 20.7 percent in September, and median price increased 8.7 percent to $415,500. Inventory dropped 0.4 months to 1.4 months of inventory.
In Williamson County, home sales increased 29.4 percent in September, and median price increased nine percent to $318,050. Active listings dropped 66.5 percent, and inventory declined 1.6 months to 0.8 months of inventory.
In Hays County, home sales increased 50.3 percent in September, and median price increased 15.1 percent to $310,000. Inventory declined 1.5 months to 1.5 months of supply.
Zonda Austin Regional Director Vaike O’Grady said new construction homes in the suburbs aren’t being built quickly enough to meet demand: “Austin’s economy is bouncing back better than most cities, allowing more people to make a move to a home that meets their needs.” However, she said, “We need to remove the barriers to new construction and open up more building opportunities across the region to create more inventory for buyers. To solve Austin’s housing supply and affordability challenges, we need to commit to streamlined review and approval processes for new construction.”
Austin-area September 2020 Sold Homes
- Number of sold homes: 3,892 (Up 31% compared to September 2019)
- Median sold price: $355,000 (Up 12% compared to September 2019)
- Days on the market: 37 (Down 14 days compared to September 2019)
Austin-area September 2020 Single-Family Homes on the Market
- New listings: 3,539 (Up 5% compared to September 2019)
- Active listings: 3,708 (Down 49% compared to September 2019)
- Pending sales: 3,767 (Up 28% compared to September 2019)
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