AUSTIN, Texas – Austin-Round Rock MSA home sales jumped 23.9% to 2,523 sales in January, according to the latest Central Texas Housing Market Report by the Austin Board of REALTORS® (ABoR).
Austin continues to turn heads with its newsworthy headlines showing the upward trend in prices and the continuous downward trend in inventory.
Across the five-county MSA, home sales dollar volume skyrocketed 53.5% to $1,161,692,362 while pending sales increased 15.9% to 3,365 in January. Despite 2,878 new listings in January—an 11% decline from 2020—active listings dropped 73.9% to only 1,369 properties across the region. Housing inventory fell 1.3 months to a record-low 0.4 months of inventory as homes spent an average of 33 days on market, 33 fewer days than in 2020.
Vaike O’Grady, a regional director with Zonda, said that high demand across all price classes, housing types, and geographies means that low inventory and a lightning-fast market conditions are not going away soon.
“There is strength across every price point and demand for every product,” O’Grady said. “Despite developers building as quickly as they can throughout the region and more than 6,000 homesites projected to come online within the next six months, the overall number of lots in development is only just able to keep up with current demand. This means that homes will continue to sell as soon as they hit the market, and prices will continue to rise steadily in the months to come.”
Horton added that the recent winter storms are only likely to increase housing demand in Central Texas, emphasizing the importance of working with a REALTOR® to buy, sell, or rent a home.
“While it will be weeks before we know the full impact of the winter storms on our communities, the disruption in transactions and the high demand for repair services will further complicate an already complex housing market. It is of the utmost importance to have a REALTOR® on your side to help you understand all options available to you. That includes down payment resources and ways that you can bridge the gap between selling your home and buying your next one.”
City of Austin Homes Sales
In January, residential sales increased 23.8% to 811 sales, a record for the month of January, as sales dollar volume jumped 58% to $466,444,738. The median sales price in the city of Austin rose 19.7% to $455,000, a record for the month of January. During the same period, new listings decreased by 7% to 956 listings, while active listings fell 46.9% to 589 listings, and pending sales jumped 14.8% to 1,066 pending sales. Monthly housing inventory decreased 0.6 months year over year to 0.5 months of inventory.
Travis County Housing Market
In Travis County, residential sales increased 23.5% to 1,292 sales, while sales dollar volume spiked 60% to $718,269,389. The median price for residential homes rose 22.2% year over year to $427,750. Last month, new listings declined 12.7% to 1,411 listings as active listings dropped 63.5% to 819 listings, and pending sales jumped 10.1% to 1,576 pending sales. Monthly housing inventory fell 0.9 months year over year to 0.5 months of inventory.
Williamson County Home Sales
In January in Williamson County, residential sales increased 11.2% to 763 sales, and sales dollar volume jumped 28.7% to $272,029,213. The median price increased 16.4% to $322,750. During the same period, new listings declined 14.9% to 921 listings, while active listings tumbled 85.9% to 252 listings. Pending sales increased 5.3% to 1,059 pending sales. Housing inventory declined 1.5 months year over year to 0.2 months of inventory.
Hays County Home Sales
In Hays County, January home sales increased 50% to 324 sales, and sales dollar volume spiked 78.2% to $128,186,266. The median price for homes increased 18.1% to $301,250. During the same period, new listings decreased 4% to 360 listings, while active listings fell 80.8% to 156 listings. Compared to January 2020, pending sales increased 40.4% to 483 pending sales. Housing inventory decreased by 2 months to 0.4 months of inventory.