At this point, we're running out of bombastic ways to say that Austin's residential real estate market is smoking hot. Despite the economic recession and the ongoing pandemic, it continues to shatter records every single month, and October was no different.
In its October 2020 report, released November 19, the Austin Board of Realtors notes that among the many milestones hit last month was the median home price inside the city of Austin, which now sits at an all-time high of $441,250.
It was only 17 months ago, in May 2019, that the price surpassed $400,000 for the first time ever, growth that has been further accelerated by the pandemic. In May 2020, median home prices hit another record — $415,000 — and have been on an upward trajectory ever since.
“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 in the report.
Residential sales and new listings inside the city limits jumped last month as buyers clamored for properties. Residential sales increased 22.7 percent to 1,224 sales, while new listings rose 19.7 percent to 1,345. Active listings, however, decreased 23.6 percent to 1,349.
Median home prices for the entire Austin-Round Rock area, which includes Travis, Hays, Bastrop, Caldwell, and Williamson counties, rose 13 percent last month, hitting $365,000.
Travis County's median home price also rose a mind-boggling 16.2 percent year over year to $430,000. In total, the entire five-county area saw a total of 3,780 homes sold in October, a 29 percent increase year-over-year. That led to a total sales dollar volume of $1.55 billion last month, a 55 percent increase from last year.
“The continued stability and strength of our market will be crucial heading into 2021," said Romeo Manzanilla, 2020 ABoR president.
“With a major transportation solution for our region now in place," he added, "we expect Austin City Council will turn their attention to the housing affordability crisis, which has only worsened during the pandemic."