COVID-19 exacerbates inventory shortage in Austin area; home sales drop
More home projects… And there will be even more in the future
The Central Texas real estate market is headed for record-breaking sales this year. November home sales throughout the five-county Metropolitan Statistical Area (MSA) pushed the year-to-date total to 30,561 sales, which is approximately 300 homes shy of last year’s total sales volume. Each county experienced a double-digit increase in home sales.
Home sales in Austin experienced a double-digit percent increase in October—creating a new record even as the inventory of single-family homes in Austin dropped to an all-time October low. In Williamson County, October single-family home sales rose 14.3% and the median price for single-family homes increased 4.2% to $295,000.
While the summer selling season has ended for most housing markets, the Austin Board of REALTORS® latest Central Texas Housing Market Report shows a double-digit percent increase in Austin home sales, which continue to outpace inventory and drive up home prices. The median price of a single-family home in the city of Austin rose 11.9% this month to $406,000––an all-time high for any September on record.
So you’re in the market to buy a home. Whether it’s your first foray into the exciting home-buying process or you’ve been through it before and have forgotten the details, this guide will provide first-time homebuyer tips to prepare you for what’s ahead.