March 2021 Housing Statistics for Austin, TX (ATX) and surrounding MSA
No surprise here, the City of Austin has surpassed the half million dollar median sales price mark this month at $514,000. The Austin-Round Rock MSA was also up and came in at $425,000 for median sales price.
The red hot market trends continue with Days on Market down for the MSA. In addition, Active Listings are down and Pending Sales are up, indicating the extreme level of demand for amongst homebuyers. This is keeping considerable pressure on the level of competition. The active housing inventory for Austin and the MSA are both at 0.4 months. For comparison, six months of housing inventory is considered a balanced market between buyers and sellers.
The following infographics and data is courtesy of the Austin Board of Realtors.
Susan Horton, 2021 ABoR President, summarized the challenges of this local housing market well:
“Our housing market is undergoing growing pains and creating a paradox—affordable from the outside looking in, but increasingly unaffordable for those who already call Austin home.”
This sentiment was echoed from economist at the the Real Estate Research Center at Texas A&M University, Dr. Jim Gaines said:
“Austin real estate is still a bargain by national standards. Compared to similarly competitive markets in cities like Denver and Atlanta, which are also experiencing rapid population and home price growth, Austin is coming from a stronger position in terms of affordability. There is a reason so many transplants, especially from the east and west coasts, are coming to Austin; they can buy more house for their money than what they could in the cities they are leaving behind.”
Valuable insights indeed. With all the announced HQ transplants and projected job growth ahead this trend seems poised to continue.
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Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.