Finding a single-family home, condo, or townhouse to buy in Austin right now is kind of like looking for toilet paper at your local grocery store. According to the November Central Texas Housing Report released by the Austin Board of Realtors®, the Austin-Round Rock Metropolitan Statistical Area (MSA) posted a record-breaking month of sales this November. Austin – RoundRock MSA home sales jumped 23.8% year over year to 3,397 sales, indicating no sign of slowing down heading into 2021.
Understand, houses are entering the market, new listings increased 5.7% to 2,762 listings, but active listings dropped 55.2% to 2,842 listings and pending sales increased 23.9% to 3,269 pending sales. Homes for sale in Austin are getting scooped and purchased up as soon as they hit the market due to the number of buyers out there.
For the first time ever, housing inventory dipped below one month across the five-county MSA, falling from 1.2 months year over year to 0.9 months of inventory.
Moving to Austin
Finding a home to purchase in the Austin Round Rock area might take a minute. November 2020 marks an all-time low for housing inventory throughout the region and the first time that inventory across the five-county MSA has dipped below one month. The Real Estate Center at Texas A&M University estimates 6.5 months of inventory as a balanced housing market.
City of Austin Real Estate Market
The median sales price in the city of Austin rose 10.1% to $433,493 in November. Residential sales increased 28.2% to 1,105 sales, as sales dollar volume jumped 47.2% to $600,496,127. During the same period, new listings increased 9.9% to 897 listings, while active listings decreased 28.2% to 1,064 listings, and pending sales jumped 16.8% to 1,038 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.0 months of inventory.
In Travis County, residential sales increased 25.2% to 1,720 sales, while sales dollar volume spiked 54.6% to $961,793,770. The median price for residential homes rose 19.7% year over year to $425,000. During the same period, new listings increased 8.2% to 1,388 listings, active listings decreased 47.2% to 1,523 listings, and pending sales jumped 22.4% to 1,642 pending sales. Monthly housing inventory fell 0.9 months year over year to 0.9 months of inventory.
Hays County Home Sales
In Hays County, November home sales increased 30.4% to 403 sales, and sales dollar volume spiked 54.6% to $170,600,406. The median price for homes increased 18.5% to $303,525. During the same period, new listings increased 6% to 338 listings, while active listings fell 50.7% to 439 listings. Compared to November 2019, pending sales soared 54.6% to 422 pending sales. Housing inventory decreased by 1.6 months to 1.1 months of inventory.
Williamson County Residential Sales
In November in Williamson County, residential sales increased 19.8% to 1,127 sales, and sales dollar volume jumped 38.4% to $404,718,496. The median price increased 18% to $326,725. During the same period, new listings slightly increased 2.2% to 903 listings, while active listings tumbled 71.8% to 604 listings. Pending sales increased 12.2% to 1,046 pending sales. Housing inventory declined 1.6 months year over year to 0.5 months of inventory.
For more information, and to download the November 2020 Central Texas Housing Market Report, visit here.