It seems like nothing can really hold back the Austin real estate market. The latest monthly report by the Austin Board of Realtors, released on August 19, shows the resilience of the market amid the pandemic thanks to double-digit growth in sales and house prices in July 2020.
Last month, home sales in the Austin-Round Rock metropolitan area rose 21.5 percent year-over-year to 4,537 homes sold. The sales dollar volume rose even further – 36.7 percent – to over $ 2 billion. At the same time, the median home price of the subway rose 10.7 percent year over year to $ 353,000.
It looks similar within the Austin city limits. Austin home sales reflected the metropolitan area, up 21.4 percent year over year. A total of 1,470 houses were sold in the city. The average price rose 11.3 percent year-on-year to an impressive $ 423,000.
That spate of activity has resulted in dangerously low inventory levels, according to ABoR, with both the Metro region and the city of Austin now running at 1.7 months of inventory. “This extremely low inventory, coupled with continued demand in the region, has led to soaring property prices and created a very strong sellers’ market,” the report said.
In other places in the subway, the average home price continues to grow significantly. The Caldwell and Bastrop counties have the cheapest homes with average prices of $ 205,000 and $ 265,000, up 7.3 percent and 6.2 percent, respectively, from last July. Counties of Hays and Williamson are in the low 300s, with prices up 18.1 percent and 10.5 percent to $ 310,000 and $ 314,995, respectively. Travis County tops the $ 400,000 mark, with the average price rising 10.3 percent to a staggering $ 411,412.
In addition, in every county except Caldwell, the number of homes sold in July 2020 increased by double digits.
“July was a very encouraging month for the real estate market in central Texas,” said Romeo Manzanilla, ABoR 2020 president, in a press release.
“Strong home sales, combined with an increase in new offers and pending sales, are important measures when analyzing the health of our market. A healthy real estate market is critical to the overall economic recovery in the region. With two consecutive months of positive numbers, we are more confident that this is sustainable and can help our economy get going again. “