Austin, Texas Real Estate Market Update and Statistics September 2020
published on September 17, 2020
Double-Digit Growth for Austin-area Housing Market in August
Home sales for the Austin-Round Rock Metropolitan Statistical Area increased 12.9 percent in August 2020 to a total of 4,019 sales, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Median price also rose by double digits compared to August of last year, increasing 11.3 percent to $355,000.
“The pandemic has put our market in a unique situation. As more people are working from home and have the opportunity to relocate, Austin-area homes are selling faster now than ever before,” said ABOR President Romeo Manzanilla. “Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up. While home prices are rising, historically low interest rates are giving buyers increased power to meet the increases.”
He said, “Buyers should be aware of just how competitive this market has become, and would benefit enlisting the help of a REALTOR® who can help every step of the way during the homebuying process.”
Austin-area homes spent an average of only 42 days on the market, 10 days fewer than August 2019. Inventory dropped almost by half, decreasing 1.2 months to a total of 1.4 months. About a six-month housing supply is considered a balanced market by the Real Estate Center at Texas A&M University.
In the city of Austin, sales only increased 2.4 percent compared to last August due to lack of inventory, but median price increased 14.9 percent to $435,000, which is an all-time high for any month on record. Inventory was down 0.5 months to 1.5 months of inventory.
Independence Title State Director of Information Capital Mark Sprague said, “It’s safe to say that August numbers solidify that Austin’s housing market has fully rebounded. And, as long as we continue to see more job creation, we’ll likely see strong home sales throughout the remainder of the year. However, we started this year with a lack of inventory, and we’re going to end this year with a lack of inventory. Inadequate housing stock is going to be the main issue that holds the market back.”
In Williamson County, home sales increased 13.5 percent in August 2020 compared to August 2019, and median price increased 5.7 percent to $307,500. Inventory dropped 1.4 months to 1.1 months of inventory. In Hays County, home sales increased 31.7 percent, and median price increased 16.9 percent to $308,500. Inventory dropped 1.7 months to 1.5 months.
Austin-area August 2020 Sold Homes
- Number of sold homes: 4,019 (Up 12% compared to August 2019)
- Median sold price: $355,000 (Up 11% compared to August 2019)
- Days on the market: 42 (Down 10 days compared to August 2019)
Austin-area August 2020 Single-Family Homes on the Market
- New listings: 3,862 (Up 1% compared to August 2019)
- Active listings: 4,257 (Down 44% compared to August 2019)
- Pending sales: 4,533 (Up 40% compared to August 2019)
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