Though Austin’s residential real estate market traditionally experiences a lag heading into the fall, the region saw double-digit growth in sales this September.
This is according to the Austin Board of Realtors' September market analysis which attributed the growth to decreased market activity during coronavirus shutdowns in the spring.
Residential home sales increased 31.5% year over year across the five-county Austin-Round Rock Metropolitan Statistical Area, per the analysis.
Additionally, sales dollar volume rose to $1.77 billion, reflecting a 51.7% surge from the previous year. Median home prices and pending sales also experienced double-digit growth in September.
However, active listings dropped by nearly 50%, and inventory remains low, at 1.2 months, throughout the region. Homes spent about 37 days on the market, which is 14 fewer days than in September 2019.
“The housing market is pumping billions of dollars into our region’s economy at a time it’s greatly needed, but we also need to be cognizant of the impact such rapid activity is having on record-low inventory levels and rising home prices,” 2020 ABoR President Romeo Manzanilla said.
While homes in the Lake Travis-Westlake area spent an average of 51 days on the market—oticeably higher than the MSA average—sales soared.
The western Travis County region saw a 72.7% year-over-year increase in sales dollar volume and a 52.1% spike in closed sales.
Inventory was slightly more robust in the area, according to ABoR analysis. As of September, the area retained about 1.6 months of inventory.