Homes for Sale in Austin continued to fly off the market in October. The latest statistics from the Austin Board of REALTORS ® (ABoR) show that home sales increased by more than 29% this October over the same time last year. Austin homes for sale also spent less time on the market and sold for more this October compared to last.
“The pandemic has motivated people to take action on their relocation plans,” explains David Brodsky, broker/owner of David Brodsky Properties. “Whether they were waiting for a new job opportunity and are able to work anywhere now, or if they were planning a move when household members were not in school, the lifestyle changes that the coronavirus pandemic has forced us into have people reevaluating their relocation strategy. That has opened up the relocation floodgates,” he explained.
“Texas – and particularly Austin – has been a popular place to relocate due to the number of jobs available, lack of state income tax and the more affordable cost of living overall,” said Brodsky. “Additionally, the state and its sub economies are stronger than most other economies in the nation. That means a stronger and faster recovery from the effects of the pandemic for residents of Texas.”
In addition to the influx of out-of-state residents who are fleeing more restrictive environments, there has been an increase in in-state relocations and corporate relocations. In fact, the most recent analysis of Census Data between 2010 – 2018 shows that more than half of all new residents in Austin came from other cities in Texas. This year, Austin has reached a highest-ever in the number of corporate relocations to the Texas Capital.
All of the relocation activity is good news for the regional economic outlook. The Austin Chamber of Commerce recently shared a positive outlook for the economy. Laura Huffman, president and CEO of the Austin Chamber of Commerce, explained what’s influencing the positive economic outlook.
“Austin’s rank as one of the best places to live, work, and thrive in the country is evident by not only the growth of our housing market but also by the growth of our local economy,” Huffman, said. “Our region has a lower year-over-year job loss than any other major metro, and despite the pandemic, a record number of businesses have chosen to relocate to or expand in the region this year. We expect this growth—attributed to Texas’ business-friendly environment paired with Austin’s deep talent pool—will continue through 2021.”
City of Austin October 2020 Real Estate Statistics
The median sales price for homes for sale in Austin set an all-time record this October. Although new listings increased this October over last October, housing inventory decreased slightly. Active listings also decreased, tightening the squeeze on inventory and driving prices up.
- The median sales price for Austin homes for sale increased by 13.1% to $441,250 in October 2020
- Residential sales increased by 22.7% to 1,224 sales
- Sales dollar volume soared 52.6% to $705,053,179
- New listings increased 19.7% to 1,345 listings
- Active listings decreased 23.6% to 1,349 listings
- Pending sales jumped 29.8% to 1,221 pending sales
- Monthly housing inventory decreased 0.4 months year over year to 1.3 months
Travis County October 2020 Real Estate Statistics
Residential sales increased throughout Travis County this October over last. The total sales dollar volume also increased, while active listings decreased by more than 40%. Pending sales jumped and housing inventory is even lower this October compared to the same time last year.
- Residential sales increased 22.4% to 1,921 sales in Travis County this October
- Sales dollar volume jumped 54.2% to $1,105,700,927
- The median price for residential homes climbed 16.2% year over year to $430,000
- New listings increased 14.9% to 2,008 listings
- Active listings decreased 41.8% to 1,932 listings
- Pending sales rose 29.9% to 1,931 pending sales
- Monthly housing inventory fell 0.9 months year over year to 1.2 months
Williamson County October 2020 Real Estate Statistics
October Williamson County real estate sales were up more than 35% over last October. The median sales price increased by more than 10% and sales dollar volume increased by more than 50%. New listings were up slightly and didn’t help to revert the critically-low inventory in Williamson County.
- Residential sales jumped 36.9% to 1,265 sales
- Sales dollar volume ballooned by 52.6% to $450,779,835
- The median price increased by 11.4% to $323,115
- New listings were up slightly 1.2% to 1,135 listings this October
- Active listings dropped 67.9% to 750 listings
- Pending sales jumped 21.5% to 1,248 pending sales
- Housing inventory declined 1.6 months year over year to 0.7 months
Hays County October 2020 Real Estate Statistics
Home sales jumped more than 35% in Hays County, reaching 432 sales. Sales dollar volume also saw significant growth this October. However, housing inventory continues to drop.
- Residential home sales increased by 38% to 432 sales
- Sales dollar volume increased 64.2% to $169,973,568
- The median price for homes increased by 11.9% to $305,000
- New listings rose 5.3% to 395 listings
- Active listings fell 44.9% to 519 listings
- Pending sales soared 38.3% to 451 pending sales
- Housing inventory dropped by 1.6 months to 1.3 months
Bastrop County October 2020 Real Estate Statistics
Last month, Bastrop County home sales made big gains. The median sales price and sales dollar volume increased in kind. Although new listings were up a good 35%, housing inventory dipped more than 1%.
- Residential homes sales increased by 54.2% to 128 sales this October
- Sales dollar volume soared 84.4% to $41,431,066
- The median price for residential homes increased 6% to $265,000
- New listings increased 35.5% to 164 listings
- Active listings declined 33.3% to 224 listings
- Pending sales increased by 57.1% to 165 pending sales
- Housing inventory decreased by 1.6 months to 2.1 months
Caldwell County October 2020 Real Estate Etatistics
In Caldwell County, October home sales bumped up by nearly 10%. Sales dollar volume leaped more than 30%. The median sales price for Caldwell County homes increased and new listings were up. However, Caldwell County housing inventory decreased in October 2020.
- Residential home sales increased by 9.7% to 34 sales
- Sales dollar volume increased by 33.4% to $8,855,872
- The median home price increased 26.7% year over year to $245,000 in October 2020
- New listings rose 36.4% to 45 listings, while active listings fell 29.6% to 76 listings
- Pending sales rose 21.4% to 34 pending sales
- Housing inventory decreased 1.6 months to 2.8 months
Contact David Brodsky Properties for a complimentary consultation with one of our experienced Austin real estate strategists. We can provide insight into the housing market, the local economy and available inventory. The insight and consultation we provide will help you execute a successful Austin relocation.