AUSTIN, Texas — Austin's housing market has started to slow down, but is still on pace for a record-breaking year, according to the latest Austin Board of REALTORS® (ABoR) Central Texas Housing Report.
The November ABoR report says closed listings dipped 4.9% to 3,215 across the Austin-Round Rock MSA.
According to the report, more than half (53%) of the 3,215 closed listings —1,694 homes — sold between $250,000 and $500,000, which is credited as today's "typical price range" for first-time and first-time move-up homebuyers.
“We have all seen the headlines about our housing market and the Austin Board of REALTORS® knows that it is competitive, however, when you dig a little deeper, you can see that there is plenty of opportunity and our market is still readily accessible for homebuyers across all price levels,” Susan Horton, 2021 ABoR president, said. “This doesn’t mean there isn’t work to be done to ensure everyone has equal opportunity to find a home here, but it does demonstrate that by working with a licensed REALTOR®, homebuyers and renters can find something that works for their budget and housing needs.”
However, the median sales price grew 29.7% to $470,000 – a continuing trend. Last month, KVUE reported that the median sales price grew 24.7% year-over-year to $455,000, which set a record for the month of October. The $470,000 mark also broke the record for the month of November, the report said.
Sales dollar volume rose 20.5% to $1,882,296,166 in the month of November, the report says. October's report said sales dollar volume had increased 6.4% year-over-year to $1,836,686,318
Horton said that while housing demand is keeping inventory low, more properties are being listed and sold in the Austin area than ever before.
"We are selling a record or near record number of homes every month because of the popularity of our region, driven by economic opportunities and the quality of life we are so accustomed to," she said. "While inventory is still low, we can attribute this to the high demand for our market and the churn of new homes being listed and selling in just over three weeks in most cases. We have a high-demand market that can still be accessible for first-time and move-up buyers and, because of that, the real estate industry is helping contribute to the economic growth across the region."
To read the full report, click here.
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