At this point, we have no more bombastic ways to say that the Austin housing market is hot. Despite the economic recession and the ongoing pandemic, records continue to be broken every month and October was no different.
In its October 2020 report, which was released on November 19, the Austin Board of Realtors notes that among the many milestones reached in the last month, the median home price in the city of Austin was, which is now at an all-time high of $ 441,250.
It was only 17 months ago, in May 2019, that the price topped $ 400,000 for the first time, a growth further accelerated by the pandemic. Median home prices hit another record high of $ 415,000 in May 2020 and have been on an upward trend ever since.
“Austin’s standing as one of the best places to live, work and thrive in the country is evident not only in the growth of our real estate market, but also in the growth of our local economy,” said Laura Huffman, President and CEO of the Austin Chamber of Commerce, said in the Report.
Residential property sales and new listings within the city limits spiked last month as buyers hunted for property. Residential property sales rose 22.7 percent to 1,224 sales, while new registrations rose 19.7 percent to 1,345. However, active listings fell 23.6 percent to 1,349.
Average home prices for the entire Austin-Round Rock area, including Counties of Travis, Hays, Bastrop, Caldwell, and Williamson, rose 13 percent last month to $ 365,000.
The average Travis County’s home price rose a staggering 16.2 percent year over year to $ 430,000. A total of 3,780 houses were sold in the entire region with five counties in October, an increase of 29 percent compared to the previous year. This resulted in total revenue of $ 1.55 billion for the past month, up 55 percent year over year.
“The continued stability and strength of our market will be of crucial importance through 2021,” said Romeo Manzanilla, ABoR President 2020.
“With an important transportation solution for our area,” he added, “we expect the Austin City Council to turn its attention to the housing affordability crisis, which has only worsened during the pandemic.”