Fall is usually when the real estate market data starts to shift from the highs that we see all throughout the summer. The hotter months always bring record temperatures and record numbers, but September showed that the Austin-Area real estate market isn’t showing signs of slowing down.
September brought record-breaking median home prices for Austin and the surrounding areas. This double-digit percent increase in Austin home sales continues to outpace inventory and drive up home prices. The median price of a single-family home in the city of Austin rose 11.9% this month to $406,000 – an all-time high for any September on record. In comparison, the median price of a single-family home within the city and the surrounding areas rose 7% to $320,0000 – also an all-time high for any September on record.
These rising prices are a direct correlation with the shrinking inventory and supply of homes, which makes the newly proposed land code more important than ever. This code will be crucial in understanding when, how, and where our city can grow for the next decade. This code will either guarantee that we can sustain and house those moving to the area or push residents out to surrounding areas.
In the Austin-Round Rock MSA, single-family home sales dollar volume jumped 19.6% to $1,062,527,517. During the same period, new listings increased 9.5% to 3,047 listings; active listings decreased 11.7% to 6,686 listings; and pending sales spiked 27.8% to 2,861 pending sales. Monthly housing inventory declined 0.4 months year over year to 2.5 months of inventory.
These numbers are making a case for a more flexible land code that allows for more affordable housing. Rewriting the land code could really benefit the market and work to fix the current imbalance we’re seeing. If you’re curious to learn more about the new land code that’s being discussed and written, check out our article on it here.
If you ever have any questions on how the market affects you and your home value, contact Prism Realty! We’re always happy to answer your questions and explain what the data and statistics mean for you.
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