October 2021 statistics have been released for the Central Texas Housing market. There was a slight increase from the preceding month and a greater than 20% increase from the preceding year.
The City of Austin saw a change in median home price from $525,000 to $536,000, a month to month increase of $11,000 and a 21% increase from the previous year. The Austin-Round Rock Metropolitan Statistical Area saw a change in median home price from $450,000 to $455,000, for a month to month increase of $5,000 and a 24% increase from the previous year.
The following infographics and data is courtesy of the Austin Board of Realtors:
Housing inventory shrank marginally to 1 month for both the City of Austin and the entire MSA. The five county region saw no change in new listings from the preceding year and a 8.6% decrease from the preceding month. Days on Market are up from 17 days to 21 days. This is 9 days less than the region saw for the same timeframe in 2020.
As the winter season approaches, the housing market typically sees a decrease in activity. This has echoed true thus far with no change in new listings for the month of October despite a growth of population and housing inventory from the preceding year. Couple the decrease in new listings from September’s numbers with an increase in pending sales for the month of October and the result is a decline in housing inventory.
With inventory declining and population increasing the market trend looks eerily similar to the preceding year. Demand outpaced supply then and the influx for housing needs here only continues to grow. Hopefully the market does not see the same rate of escalation that we did a year ago but the fundamentals look quite similar.
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Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.
