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'Calming trend' continues across Austin-area housing market, new report shows

Home sales decreased 5.1% compared to September 2020 as the median sales price of $450,000 set a record for the month of September across the area.

AUSTIN, Texas — The Austin-Round Rock metro housing market saw a continuation of a calming trend for the month of September, according to a new report from the Austin Board of Realtors (ABoR).

ABoR said home sales decreased 5.1% compared to September 2020 as the median sales price of $450,000 set a record for the month of September across the area.

Addressing housing affordability and increasing available inventory should continue being a priority for the region as the population grows, ABoR said.

“The Austin housing market remains strong and competitive,” Susan Horton, 2021 ABoR president, said. “However, more homes are beginning to hit the market evidenced by the increase in new listings in September, which is creating a greater number of opportunities for buyers. While this is a positive step forward, there is a long way to go for this to be a balanced market. Realtors continue to ensure their clients’ needs are being met despite inventory remaining low.”

According to the report, as residential home sales in the declined 5.1% to 3,682, the median sales price grew 28.5% year-over-year to $450,000. At the same time, sales dollar volume increased 18.5% year-over-year to $2,078,429,244.

New listings increased 16.9% to 4,136 as active listings grew 0.7% year-over-year to 3,723 listings and pending sales declined 1.1% to 3,552 across the area. Monthly housing inventory dipped 0.1 months to 1.1 months of inventory and homes spent an average of 17 days on the market, down 22 days when compared to September 2020, ABoR said.

Taking a closer look at Austin, the median home price has risen to $528,000 – that’s up 28% from a year ago in September.

Home prices in Williamson County have risen even more – up nearly 38% from a year ago. The median home price there in September 2021 was $435,000.

Hays County saw home sale prices go up 16% from a year ago to a median price of $365,000.

In Bastrop County, the median home price rose to $335,000, up 25.5% from last September.

Home prices last month were up 20% in Caldwell County where the median price is $259,000. But regardless where you live, affordable housing is a challenge for many.

“My belief is we need more housing supply when you have so many people that are bidding against one another for a very limited supply,” said Austin Mayor Steve Adler during a KVUE Daybreak interview on Monday. “It's going to try to push rents up. It's going to push prices up, which is why we have to increase supply.”

According to the Austin Chamber of Commerce, job growth and a dynamic and diverse economy has been a main driver of increased demand for homes.

“We have some employers in town, the large employers that are coming to town, and we're trying to encourage them to also build affordable housing for their employees,” Mayor Adler said. “But this is the now that we've taken care of project enacted and then gotten transportation lined up for the next 10 years. Housing and housing supply is our next really big challenge.”

“Tesla moving its headquarters here has cemented Austin as a hub of the tech and innovation industry with the potential for limitless opportunities,” Laura Huffman, president and CEO of the Austin Chamber of Commerce, said. “The intentional diversification of our region’s economy and significant job creation also brings challenges that we as local leaders must take head on. Increasing housing inventory – and ensuring that it is attainable across all socioeconomic classes by strengthening and diversifying housing options – is crucial to the health and vibrancy of our community. Austin has the opportunity to find a path forward that will allow us to maintain the magnetism of our housing market while keeping our competitive advantage when it comes to cost of living and quality of life. Doing so will allow us to continue to attract job growth and capital investment in the region.”

For more information or to download the September 2021 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.

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