Austin Real Estate Market Report

Travis County Report

28.4% Year-Over-Year Price Increase for Closed Sales

The key housing indicators for Travis County reflect the continued strength of Austin’s housing market. Most notably, recent closed sales are reflecting a huge increase in Travis County’s average sale price. 

For the first six months of 2020, sale prices in Travis County were on average 4% higher than sale prices from the same time frame in 2019. 

However, the impact of Austin’s ever-decreasing and already ultra-tight supply of available housing has been increasingly clear as the average price of closed sales over the past three months has gone up an average of 26.3% year-over-year as compared to the same time frame in 2019. 

October’s average sale price of $611,000 was a huge 28.4% increase over $476,089 from last year at this time. In tandem, days on market dropped to 26 days, an incredible 45.8% drop from last October’s average of 48 days.

The price jump was inevitable due to runaway demand, a dwindling supply of available housing, and low interest rates, all of which are likely to continue through the end of the year and into 2021.

Source: Austin Board of Realtors Travis County, as of November 3^rd, 2020, for New and Existing Single Family Homes. Figures are preliminary and subject to revision based on ABoR’s upcoming report for October.

Williamson County Report

Double Digit Year-Over-Year Price Increases Gain Momentum

Strong demand and low inventory have been driving prices higher in Williamson County for quite some time. Now the rate of appreciation appears to be accelerating.

The average Williamson County sale price for closed sales in October was $360,484. That’s an 11.9% jump from October 2019’s average sale price of $322,199. The three previous months of July, August and September had year-over-year average sale price increases of 7.2%, 8.1%, and 10.4%, respectively.

Even more significant, October’s average days on market dropped to 29 days, a huge 50% reduction from last October’s average of 58 days. It is anticipated that the rate of year-over-year price increases will continue through the 4^th quarter and into 2021 based on the relentless demand for housing in Williamson County and the limited supply of available housing, as well as forecasts for continued historically low mortgage interest rates.

Source: Austin Board of Realtors Williamson County, as of November 3^rd, 2020, for New and Existing Single Family Homes. Figures are preliminary and subject to revision based on ABoR’s upcoming report for October.