Austin, Texas January 2021 Housing Market Statistics
Homes sales jump 23.9% in January
Impact from winter storms likely to increase housing demand
AUSTIN, Texas - Austin-Round Rock MSA home sales jumped 23.9% to 2,523 sales in January, according to the latest Central Texas Housing Market Report by the Austin Board of REALTORS® (ABoR).
“The last week has shown us, once again, that our homes are more important than ever,” Susan Horton, 2021 ABoR president, said. “Austin REALTORS® are not just local market experts in buying or selling a home but we can also provide guidance and resources for home repairs if your current home has been impacted by the winter storms. If you are currently in process of buying or selling a home, talk to your REALTOR® about how recent events might impact your closing timeline and what the appropriate next steps should be – this can include insurance policy terms or additional inspections that may be required.”
Across the five-county MSA, home sales dollar volume skyrocketed 53.5% to $1,161,692,362 while pending sales increased 15.9% to 3,365 in January. Despite 2,878 new listings in January—an 11% decline from 2020—active listings dropped 73.9% to only 1,369 properties across the region. Housing inventory fell 1.3 months to a record-low 0.4 months of inventory as homes spent an average of 33 days on market, 33 fewer days than in 2020.
Vaike O’Grady, regional director with Zonda, said that high demand across all price classes, housing types and geographies means that low inventory and a lightning-fast market conditions are not going away soon.
“There is strength across every price point and demand for every product,” O’Grady said. “Despite developers building as quickly as they can throughout the region and more than 6,000 homesites projected to come online within the next six months, the overall number of lots in development is only just able to keep up with current demand. This means that homes will continue to sell as soon as they hit the market, and prices will continue to rise steadily in the months to come.”
Horton added that the recent winter storms are only likely to increase housing demand in Central Texas, emphasizing the importance of working with a REALTOR® to buy, sell, or rent a home.
“While it will be weeks before we know the full impact of the winter storms on our communities, the disruption in transactions and the high demand for repair services will further complicate an already complex housing market. It is of the upmost importance to have a REALTOR® on your side to help you understand all options available to you. That includes down payment resources and ways that you can bridge the gap between selling your home and buying your next one.”
City of Austin
In January, residential sales increased 23.8% to 811 sales, a record for the month of January, as sales dollar volume jumped 58% to $466,444,738. The median sales price in the city of Austin rose 19.7% to $455,000, a record for the month of January. During the same period, new listings decreased by 7% to 956 listings, while active listings fell 46.9% to 589 listings, and pending sales jumped 14.8% to 1,066 pending sales. Monthly housing inventory decreased 0.6 months year over year to 0.5 months of inventory.
In Travis County, residential sales increased 23.5% to 1,292 sales, while sales dollar volume spiked 60% to $718,269,389. The median price for residential homes rose 22.2% year over year to $427,750. Last month, new listings declined 12.7% to 1,411 listings as active listings dropped 63.5% to 819 listings, and pending sales jumped 10.1% to 1,576 pending sales. Monthly housing inventory fell 0.9 months year over year to 0.5 months of inventory.
In January in Williamson County, residential sales increased 11.2% to 763 sales, and sales dollar volume jumped 28.7% to $272,029,213. The median price increased 16.4% to $322,750. During the same period, new listings declined 14.9% to 921 listings, while active listings tumbled 85.9% to 252 listings. Pending sales increased 5.3% to 1,059 pending sales. Housing inventory declined 1.5 months year over year to 0.2 months of inventory.
In Hays County, January home sales increased 50% to 324 sales, and sales dollar volume spiked 78.2% to $128,186,266. The median price for homes increased 18.1% to $301,250. During the same period, new listings decreased 4% to 360 listings, while active listings fell 80.8% to 156 listings. Compared to January 2020, pending sales increased 40.4% to 483 pending sales. Housing inventory decreased by 2 months to 0.4 months of inventory.
In January, Bastrop County home sales climbed 66.7% to 115 sales, and sales dollar volume increased 81% to $34,195,517. The median price for residential homes increased 10% to $265,000, as new listings increased 29% to 160 listings and active listings declined 70.7% to 93 listings. Pending sales skyrocketed 151.7% to 224 pending sales and inventory decreased by 2.6 months to 0.8 months of inventory.
In Caldwell County, January home sales increased 45% to 29 sales and sales dollar volume increased 45.7% to $8,217,616. The median home price increased 10.6% year over year to $257,450. During the same period, new listings fell 29.7% to 26 listings, while active listings dropped 44.9% to 49 listings. Pending sales also declined 28.1% to 23 pending sales, as housing inventory decreased 1.9 months to 1.6 months of inventory.
LOCAL AUSTIN REAL ESTATE ARTICLES
Each week we write a new article about the Austin real estate market based upon our collective knowledge of the city of Austin and the local Austin real estate market. Our goal is for our articles to serve as a reference for those currently searching for a home in Austin and those who will be searching for a home in Austin in the future. We are local Austin experts and real estate professionals, and are available to be your go-to resource for all things real estate in Austin. Whether you're ready to start your Austin home search today, or sometime in the future, we are here to guide you and protect your interests throughout the real estate transaction process. Read our Austin real estate articles below to learn about the Austin real estate market. When you're ready to start your Austin home search, let us know.
If you are looking to buy or sell a home in Austin, it helps to know how the local market works. The good news is...
Like many Austinites, you might be looking to buy a home more affordably. It's easy to see why. Current home prices...
Austin isn't your typical city - and this is especially true in today’s real estate market. Year after year, Austin's...
Free Austin Home Buyer Guide
Wouldn’t it be great if there were an easy-to-understand, comprehensive guide on buying a house in Austin? Smart Austin has poured our extensive experience helping people in Austin buy and sell homes into an in-depth guide to help you on your Austin home search. This 112-page home buying handbook covers everything from mortgages, closing, moving, and more! All you have to do to get this guide is enter your email below.
GET A COMPARATIVE MARKET ANALYSIS FOR YOUR HOME
If you’re on the fence about selling your home, the best thing you can do is look at a comparative market analysis for your local area. This will help you determine what price you might be able to sell your home for and decide if now’s a good time to sell home Austin Your free comparative market analysis is just a click away. All you have to do is submit your email address!