October Austin Housing Market Report

2021 has been a record-breaking year of all-time highs for the Austin area because we are one of the most desirable housing markets in the United States. But with the market continuing its calming trend, we’re beginning to see a glimpse into what buyers and sellers can expect going forward.

According to the Austin Board of REALTORS® (ABoR), the median sales price grew 24.7% year-over-year to $455,000—setting a record for the month of October. New listings increased 0.9% to 3,777 while active listings decreased 0.5% year-over-year to 3,475. Monthly housing inventory dipped 0.1 months of inventory to 1.0 months and homes spent an average of 20 days on the market, down 16 days when compared to October 2020.

“More new listings are hitting the market, a trend that we have seen continuously for the past eight months, and when coupled with fewer closings across the MSA, prospective buyers have more options,” says 2021 ABoR president Susan Horton.

The Austin area remains in a seller’s market because of historically low interest rates, a booming local economy, and the relocation that it brings. When you mix that high demand in with low inventory—housing prices are only going to continue to rise.

If you’re considering selling your home, the first step is to find out what your home is worth. Then, connect with one of our experienced agents to figure out how to get you the best offer.

Global supply chain issues and labor shortages this past year have put a wrench on many building and new development projects. Analysts are hopeful that these issues ease in the coming months and offer more housing options for buyers who lost out earlier this year.

According to an article published by Inman, housing permits increased nationally to an annual pace of 1.65 million. This is a good sign that home building is beginning to accelerate to keep up with the pace of household formation.

Now is the time for those seeking new or custom builds to contact an agent to join the necessary waiting lists. If waiting isn’t your style, there are new resale listings hitting the market every day. Our agents are available to tour homes that catch your eye and guide you through the home-buying journey.