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The hot, hot Austin real estate market is establishing its “new normal” with another record month on the books.
The Austin Board of Realtors’ latest monthly report, released July 15, shows record-breaking sales at the subway level and again record breaking prices at the city level.
Last month, home sales on Metro Austin-Round Rock rose 8.6 percent year over year, hitting an all-time high for every June since records began, ABoR notes. A total of 4,369 houses were sold in the underground, which “contributed to an increase of 16.5 percent to 19,991 house sales in the first half of 2021,” says ABoR.
Meanwhile, the subway’s average home price rose 35.4 percent year-over-year to $ 440,000, a number actually lower than the average price recorded in May ($ 465,000).
But in the city of Austin itself, prices rose again, with the average home price climbing to an all-time high of $ 575,000 – a whopping 30.9 percent increase from June 2020. As a reminder, in May, the average home price hit a record then of 565,000 USD.
At the city level, house sales rose by 16.9 percent year-on-year (1,374 houses sold) and, according to ABoR, also set a record for the month of June.
Across Austin-Round Rock, homes only spent 13 days on the market last month, up from 46 days in June 2020.
“When new houses are listed, they quickly become under contract,” says ABoR.
Don’t expect the glowing market to cool anytime soon. ABoR President Susan Horton describes these trends as the “new normal”.
“In June and the first six months of the year, we confirmed that the Austin housing market was one of the strongest in the country,” says Horton. “Our market has established its own new normal as median prices rise while inventories remain low. Given the unprecedented growth our region continues to experience, we can assume that these trends will continue. “
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