Housing Market Report - June 2021

According to the Austin Board of REALTORS® (ABoR) June and Midyear Central Texas Housing Market Report, 4,369 homes sold in June, a record for the month of June, across the Austin-Round Rock Metropolitan Statistical Area (MSA), an 8.6% increase year over year. The record setting number of transactions for any June on record contributed to an increase of 16.5% to 19,991 home sales during the first half of the 2021.

Across the five-county MSA in June, the median price increased 43% to $482,364—an all-time record. Sales dollar volume jumped 55.7% to $2,621,271,158, as pending sales slightly decreased 1.8% to 4,419. Housing inventory declined 1.1 months to 0.6 months of inventory. These numbers are consistent with a market that has seen more activity than ever before in recent months, and although the market is tight, more homes are being sold than in previous years.

“In June, and in the first six months of the year, we saw a confirmation that Austin’s housing market is one of the strongest in the nation,” Susan Horton, 2021 ABoR president said. “Our market has established its own new normal, as median prices climb while inventory remains low. With the unprecedented growth our region continues to experience, we can expect these trends to continue.” According to Dr. Jessica Lautz, vice president, demographics and behavioral insights for the National Association of REALTORS®, buyers have shifted priorities since the onset of COVID-19, adding fuel to the housing market boom across the Austin-Round Rock MSA.

“The pandemic has changed buyer preferences. Reliable broadband access, at least one home office and flexible working and living spaces are top priorities. Remote work, along with incredibly low interest rates, has allowed buyers to purchase homes in suburban areas that provides more square feet, outdoor space, and increased buying power than in urban core areas.” More homes are also being listed across the MSA, as new listings increased 23.8% to 5,170 listings in June 2021, while active listings dropped 56.3% to 2,265 listings. Homes spent an average of 13 days on market compared to 46 days for June 2020 indicating that as new homes are listed, they are quickly going under contract.