Austin remains the fastest-growing big city in the country.
Austin has been the fastest-growing major metro in the country for nine straight years, from 2010 to 2019. The continued population explosion remains a major storyline for the Central Texas economy and is reshaping everything from residential real estate to finance. And it takes on extra meanings when seen in light of the COVID-19 pandemic, as Austin becomes an increasingly global city.
However, just what effect COVID-19 will have on growth is uncertain. Real estate and construction was recently deemed an essential business by Texas Governor Greg Abbott, which means home sales will not be stopping.
Our team has been crunching data from the Austin Board of Realtors® Multiple Listing System (MLS) and will update this report weekly to help our clients and community better understand the impact of COVID-19 on our local market. Official numbers for March will not be released until April 16th, but we can take a look at current figures and the past months of 2020.
Homes Listed & Sold Per Week in Lake Travis & Westlake
While a slowdown in sales and listings is expected to be seen in April, the Austin area housing market remains strong and sales are happening. March is historically a busy month in real estate and sales remained strong, despite the shelter-in-place orders. There was a dip in homes sold the first week of April and there is a decline in homes being listed, which can increase the already competitive buyer's market.
Mark Sprague, state director of information capital for Independence Title, said current indicators show Austin’s housing market remains competitive, and any decrease in inventory would only increase competitiveness in the market.
“Overall, Austin’s economy and housing market look to be resilient during this uncertain time,” Sprague said. “Once COVID-19 subsides, there is a potential for even more investment by employers in the Austin market, and I would expect those looking for a more affordable cost of living compared to other major U.S. metropolitan areas will still look to move to and buy homes in Austin.”