We will discuss the latest Austin real estate market trends and forecast for 2021. The Austin housing market has seen a spike in home sales in the last few months. The latest report from the Austin Board of Realtors showcases the market's resilience amid the COVID-19 pandemic. Demand for homes continues to be very strong even towards the end of the fall breaking sales records month after month.
Residential sales in the Austin metro area soared 31.5% compared to September 2019, with 3,892 single-family homes, townhouses, and condominiums changing hands. Pending sales jumped 28.2%, signaling that October could be another strong month for sales. Austin home sales mirrored the metro area.
Housing inventory decreased to a supply of just 1.2 months, which means that’s how long it would take the deplete the inventory at the current sales pace. Within the city of Austin, sales volume in September was up 20.7%, with 1,248 sales recorded. A low supply of housing drove the median price up 8.7%, to $415,500 year-over-year.
It is a good time for buyers and investors who want to invest in Austin especially with interest rates being as low as they are right now. The main concern is the critical lack of inventory which can make it increasingly difficult for buyers to find homes that suit their requirements. This situation could also drag down sales in the remainder of 2020 while pushing the prices higher up.
To determine the best local real-estate markets in the U.S., WalletHub compared 300 cities of varying sizes across 24 key indicators of housing-market attractiveness and economic strength. They looked at factors like a median home-price appreciation to home sales turnover rate to job growth.
The city of Austin's real estate market came in at number 7 overall, and 3rd among large cities. Boise was found to be the best market in the nation, followed by Seattle, Frisco, Nashville, and Gilbert in the top five.