October 2020 Central Texas Housing Market Report

Central Texas housing market continues strong sales growth

The Austin-Round Rock Metropolitan Statistical Area (MSA) posted another strong month of sales growth, according to the October 2020 Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR). The MSA experienced a 29.4% increase to 3,780 in October home sales year over year, while homes continued to sell faster and at higher price points than ever before.

In addition to a third-consecutive month of double-digit home sales growth, median sales price increased 13.2% to $365,000, an all-time record, and sales dollar volume skyrocketed 55.3% to $1,778,706,460. Pending sales jumped 28.8% to 3,829; new listings increased 10.2% to 3,747; while active listings fell 50.3% to 3,501 sales. Homes spent an average of 35 days on market, 19 fewer days than in October 2019, and inventory fell 1.2 months to 1.1 months across the five-county area.

“The continued stability and strength of our market will be crucial heading into 2021. As we come to the end of a challenging year, I’m proud of the work that Austin REALTORS® have done to stabilize and grow our market,” Romeo Manzanilla, 2020 ABoR president, said. “While the full impact remains to be seen, the passage of Propositions A & B in Austin will increase the property tax bill homeowners receive over the next few weeks. Combined with rising home values, increasing demand and limited inventory, homeowners should be prepared for their property taxes to continue to increase regardless of tax rates.”

The Greater Austin Chamber of Commerce expressed a positive outlook for the local economy and job market for 2021 but echoed concerns around housing affordability and accessibility.

“Austin’s rank as one of the best places to live, work, and thrive in the country is evident by not only the growth of our housing market, but also by the growth of our local economy,” Laura Huffman, president and CEO of the Austin Chamber of Commerce, said. “Our region has a lower year-over-year job loss than any other major metro, and despite the pandemic, a record number of businesses have chosen to relocate to or expand in the region this year. We expect this growth—attributed to Texas’ business-friendly environment paired with Austin’s deep talent pool—will continue through 2021. Despite this, in 2021 the region needs to address housing affordability to help people from being priced out of the market, even as salary and job growth continues.”

“With a major transportation solution for our region now in place, we expect Austin City Council will turn their attention to the housing affordability crisis, which has only worsened during the pandemic,” added Manzanilla. “The Austin Board of REALTORS® looks forward to collaborating with both new and returning Council Members on ways to address this important issue.”

City of Austin

The median sales price in the city of Austin set an all-time record, rising 13.1% to $441,250 in October. Residential sales increased 22.7% to 1,224 sales, as sales dollar volume soared 52.6% to $705,053,179. During the same period, new listings increased 19.7% to 1,345 listings while active listings decreased 23.6% to 1,349 listings, and pending sales jumped 29.8% to 1,221 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.3 months of inventory.

Travis County

In Travis County, residential sales increased 22.4% to 1,921 sales, while sales dollar volume jumped 54.2% to $1,105,700,927. The median price for residential homes climbed 16.2% year over year to $430,000. During the same period, new listings increased 14.9% to 2,008 listings, active listings decreased 41.8% to 1,932 listings, and pending sales rose 29.9% to 1,931 pending sales. Monthly housing inventory fell 0.9 months year over year to 1.2 months of inventory.

Williamson County

In October in Williamson County, residential sales jumped 36.9% to 1,265 sales, and sales dollar volume skyrocketed 52.6% to $450,779,835. The median price increased 11.4% to $323,115. During the same period, new listings slightly increased 1.2% to 1,135 listings, while active listings dropped 67.9% to 750 listings. Pending sales jumped 21.5% to 1,248 pending sales. Housing inventory declined 1.6 months year over year to 0.7 months of inventory.

Hays County

In Hays County, October home sales increased 38% to 432 sales, and sales dollar volume increased 64.2% to $169,973,568. The median price for homes increased 11.9% to $305,000. During the same period, new listings rose 5.3% to 395 listings, while active listings fell 44.9% to 519 listings. Compared to October 2019, pending sales soared 38.3% to 451 pending sales. Housing inventory dropped by 1.6 months to 1.3 months of inventory.

Bastrop County

Last month, Bastrop County home sales jumped 54.2% to 128 sales, and sales dollar volume soared 84.4% to $41,431,066. The median price for residential homes increased 6% to $265,000. During the same period,
new listings increased 35.5% to 164 listings, while active listings declined 33.3% to 224 listings. Pending sales increased 57.1% to 165 pending sales. Housing inventory decreased by 1.6 months to 2.1 months of inventory.

Caldwell County

In Caldwell County, October home sales increased 9.7% to 34 sales, and sales dollar volume increased by 33.4% to $8,855,872. The median home price increased 26.7% year over year to $245,000. During the same period, new listings rose 36.4% to 45 listings, while active listings fell 29.6% to 76 listings. Pending sales rose 21.4% to 34 pending sales. Housing inventory decreased 1.6 months to 2.8 months of inventory.

For more information or to download the October 2020 Central Texas Housing Market Report, visit https://www.abor.com/october-2020-central-texas-housing-market-report. All information taken from the Austin Board of Realtors October 2020 Central Texas Housing Market Report.

Image

September 2020 Central Texas Housing Market Report

Central Texas housing market continues to soar despite low inventory

According to the latest Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), the Central Texas housing market continues to exhibit strength despite economic challenges and shrinking housing inventory. In September, home sales across the Austin-Round Rock MSA soared 31.5% year over year to 3,892 sales. Historically this time of year home sales are slower, but because of decreased activity during the shelter-in-place orders due to the COVID-19 pandemic, the summer selling season extended into September.

The market’s strength was evident across the five-county MSA as sales dollar volume jumped 51.7% to $1,779,067,529, and the median price rose 12.1% to $355,000. New listings increased 5.0% to 3,539 listings, and pending sales jumped 28.2% to 3,767. At the same time, active listings dropped 49.9% to 3,708 listings.

September 2020 Austin Real Estate Market Statistics“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,” Romeo Manzanilla, 2020 ABoR president said. “Austin’s suburban markets have historically offered housing stock at lower price points that created opportunity for people when buying or renting inside Austin city limits was not an option. 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.”

Homes across the MSA spent an average of 37 days on the market, 14 fewer days than September 2019, and housing inventory decreased 1.3 months to 1.2 months of inventory.

Vaike O’Grady, Austin regional director for Zonda (formerly Metrostudy), said the city of Austin has a limited number of residential lots. This is forcing developers to move to the suburbs where land is more available and less expensive. When it comes to construction in suburban markets, homes simply can’t be put on the ground fast enough to meet demand.

“We need to remove the barriers to new construction and open up more building opportunities across the region to create more inventory for buyers,” O’Grady said. “Austin’s economy is bouncing back better than most cities, allowing more people to make a move to a home that meets their needs. To solve Austin’s housing supply and affordability challenges, we need to commit to streamlined review and approval processes for new construction.”

“The Austin area needs more housing supply at all price points in order to stabilize home price growth and help make homeownership accessible, especially for first-time homebuyers,” Manzanilla said. “REALTORS® will continue working aggressively to navigate a competitive, fast-moving housing market on behalf of their clients.”

Search Austin Homes

City of Austin

Low levels of inventory in the city of Austin drove the median home price up 8.7% year over year to $415,500. Residential sales increased 20.7% to 1,248 sales, as sales dollar volume spiked 39.2% to $678,062,256. During the same period, new listings increased 16.4% to 1,273 listings, active listings decreased 24% to 1,390 listings, and pending sales increased 16.6% to 1,164 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.4 months of inventory.

Travis County

At the county level, residential sales increased 27.1% to 1,930 sales, while sales dollar volume jumped 50% to $1,081,018,324. The median price for residential homes increased 13.8% year over year to $420,000. During the same period, new listings increased 8.4% to 1,863 listings, while active listings declined 41.8% to 2,039 listings. At the same time, pending sales rose 18.4% to 1,836 pending sales. Monthly housing inventory fell .9 months year over year to 1.3 months of inventory.

Williamson County

In Williamson County, September residential sales increased 29.4% to 1,306 sales, and sales dollar volume jumped 43.8% to $461,491,699. The median price rose 9% to $318,050. During the same period, new listings dropped 10.2% to 1,035 listings, and active listings tumbled 66.5% to 816 listings. Pending sales jumped 33.7% to 1,266 pending sales. Housing inventory declined 1.6 months year over year to .8 months of inventory.

Hays County

September home sales spiked 50.3% to 487 sales, and sales dollar volume increased 78% to $184,817,195 in Hays County. The median price for homes increased 15.1% to $310,000. During the same period, new listings jumped 40.6% to 485 listings, and active listings tumbled 43.1% to 558 listings. At the same time, pending sales increased 42.9% to 480 pending sales. Housing inventory dropped by 1.5 months to 1.5 months of inventory.

Bastrop County

In September, Bastrop County home sales spiked 69.5% to 139 sales, and sales dollar volume skyrocketed 96.6% to $42,855,211. The median price for residential homes increased 8% to $270,000. During the same period, new listings increased 4.7% to 133 listings, while active listings declined 36.4% to 227 listings. Pending sales rose 84% to 149 pending sales. Housing inventory decreased by 1.7 months to 2.2 months of inventory.

Caldwell County

In Caldwell County, September home sales increased 15.4% to 30 sales, and sales dollar volume increased by 18.3% to $7,000,759. The median home price increased 5.1% year over year to $217,500. During the same period, new listings decreased 17.9% to 23 listings, while active listings decreased 39.3% to 68 listings. Pending sales rose 50% to 36 pending sales. Housing inventory decreased 2.1 months to 2.5 months of inventory. 

For more information or to download the September 2020 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics. All information taken from the Austin Board of Realtors September 2020 Central Texas Housing Market Report.

Image

August 2020 Central Texas Housing Market Report

Austin-area housing market remains undeterred amid ongoing pandemic

AUSTIN, Texas—As the summer-selling season comes to a close, the Austin Board of REALTORS® (ABoR) latest Central Texas Housing Market Report indicates the Austin-area housing market continues to exhibit strength, despite economic setbacks amid the ongoing pandemic. The Austin-Round Rock MSA posted robust gains this August, as home sales experienced a double-digit increase of 12.9% year over year to 4,019 sales. 

In addition to an increase in home sales across the five-county MSA, sales dollar volume jumped 35.3% to $1,889,382,006, and the median price rose 11.3% to $355,000. New listings slightly increased 1% to 3,862 listings, and pending sales soared 40.1% to 4,533. At the same time, active listings dropped 44.9% to 4,257 listings. 

“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,” Romeo Manzanilla, 2020 ABoR president, said. “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. 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.”

Homes across the MSA spent an average of 42 days on the market, 10 days fewer days than August 2019, and housing inventory decreased 1.2 months to 1.4 months of inventory, well below the Real Estate Center at Texas A&M University’s benchmark of 6.0 months to maintain a balanced housing market. 

Mark Sprague, state director of information capital at Independence Title, said that although Austin-area home sales dipped in the early Spring, the region’s real estate market as a whole has endured. 

“It’s safe to say that August numbers solidify that Austin’s housing market has fully rebounded,” Sprague said. “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.” 

Search Austin Homes

City of Austin

In the city of Austin, critically low levels of inventory drove the median home price up 14.9% year over year to $435,000—an all-time high for any month on record. Residential sales barely increased 2.4% to 1,240 sales, as sales dollar volume jumped 19.9% to $682,748,453. During the same period, new listings increased 4.8% to 1,318 listings, active listings decreased 26.6% to 1,468 listings, and pending sales increased 20.6% to 1,314 pending sales. Monthly housing inventory decreased 0.5 months year over year to 1.5 months of inventory. 

Travis County

At the county level, residential sales increased 9.2% to 2,015 sales, while sales dollar volume spiked 39.9% to $1,182,976,984. The median price for residential homes increased 19.2% year over year to $430,000. During the same period, new listings slightly increased 1% to 2,046 listings, while active listings declined 41% to 2,253 listings. At the same time, pending sales rose 34.6% to 2,229 pending sales. Monthly housing inventory decreased 1.1 months year over year to 1.4 months of inventory. 

Williamson County

In Williamson County, August residential sales increased 13.5% to 1,343 sales, and sales dollar volume increased 23.1% to $467,254,216. The median price rose 5.7% to $307,500. During the same period, new listings decreased 6.3% to 1,154 listings, and active listings dropped 54% to 1,111 listings. Pending sales jumped 33.7% to 1,487 pending sales. Housing inventory declined 1.4 months year over year to 1.1 months of inventory. 

Hays County

In Hays County, August home sales spiked 31.7% to 499 sales, and sales dollar volume increased 45% to $192,109,298. The median price for homes increased 16.9% to $308,500. During the same period, new listings increased 12.6% to 475 listings, and active listings tumbled 46.4% to 556 listings. At the same time, pending sales skyrocketed 69.7% to 577 pending sales. Housing inventory decreased 1.7 months to 1.5 months of inventory. 

Bastrop County

In August, Bastrop County home sales increased 4.1% to 126 sales, and sales dollar volume increased 23.8% to $38,193,673. The median price for residential homes increased 16% to $278,500. During the same period, new listings jumped 29.7% to 144 listings, while active listings declined 24.4% to 260 listings. Pending sales spiked 98% to 200 pending sales. Housing inventory decreased by 1.0 months to 2.7 months of inventory.  

Caldwell County

In Caldwell County, August home sales increased 16.1% to 36 sales, and sales dollar volume increased by 7.4% to $8,392,577. The median home price dropped 1.7% year over year to $212,900. During the same period, new listings increased 19.4% to 43 listings, while active listings decreased 27.4% to 77 listings. Pending sales rose 53.9% to 40 pending sales. Housing inventory decreased 1.5 months to 2.9 months of inventory.  

For more information or to download the August 2020 Central Texas Housing Market Report, visit https://www.abor.com/statsaug20/. All information taken from the Austin Board of Realtors August 2020 Central Texas Housing Market Report,

Image

Furry Friends of Texas

A Furry Resident Guide for The Austin Texas Area

Dog Parks and Off Leash Play Areas 

These free outdoor locations are places where your furry friend can romp around in the sunshine leash-free! For the safety of you, your pet and others, be sure to be caught up on flea prevention and vaccinations and be aware of the behavior or surrounding animals at play. City ordinances apply in parks. Please observe the rules posted on the Parks and Recreation websites and at the parks. 

  • Auditorium Shores 920 W. Riverside Dr, Austin 
  • Barking Springs William Barton Dr, Austin 
  • Bull Creek District Dog Park 6701 Lakewood Dr, Austin 
  • Devine Lake Off Lead Area 1000 Maple Creek, Leander 
  • Emma Long Metropolitan Park 1600 City Park Rd, Austin 
  • Far West ROW Between Great Northern Blvd. & Shoal Creek Blvd, Austin
  • Mary Moore Searight Metro Park 907 Slaughter Ln., Austin 
  • Northeast District Park 5909 Crystalbrook Dr, Austin 
  • Norwood Tract at Townlake Metro Park I-35 and Riverside Dr, Austin 
  • Onion Creek Greenbelt 6900 Onion Creek Dr, Austin 
  • Red Bud Isle 3401 Red Bud Trl, Unit Cr, Austin 
  • Round Rock Dog Depot 800 Deerfoot Dr, Round Rock
  • Shoal Creek Greenbelt 2600-2799 Lamar Blvd, Austin
  • Walnut Creek Metro Park 12138 N. Lamar Blvd, Austin 
  • West Austin Neighborhood Park 1317 W 10th St, Austin 
  • Zilker Dog Park 2100 Barton Springs Rd, Austin

Pet Friendly Restaurants 

These locations are among the handfull of places where your furry friends are welcome to dine with you on a patio! When you arrive, please confirm with the staff where to sit…stay…and eat. 

Search Austin Homes

Pet Shelters & Sanctuaries 

Community resource organizations providing shelter, adoption and animal control services. 

Veterinary Services 

Receive the best in animal care from these trained and certified medical providers.