December 2020 Market Update: A Record-Shattering Month

It’s pretty obvious the Austin housing market has gone unscathed by the pandemic in 2020 as demand continues to soar into 2021.

Median Sold Price increased +20% to $477.5k in December 2020 over 2019. Price jumps in the ~20% range are certainly not sustainable, but 5-10% increases are sustainable. Median Sold Price per SqFt increased 16% in Greater Austin in December with an increase in Austin Proper of 22%. Days on Market dropped through the floor in December with the median time to sell at only 8 days.

Inventory remains incredibly tight and December saw total inventory drop to 0.8 months from 2.2 months in 2019. Demand remains incredibly strong with total sales increasing 5% from last year.

We don’t generally compare Month Over Month numbers, but we did take note of pending properties in December 2020 vs November 2020. December saw a -14% decline in pending properties vs November, which is due to the seasonal decrease in demand. (Buyers and sellers generally don’t like to move during the holidays.) It’s worth noting that this is a lesser seasonal decline than in years past and indicates that the market will remain very strong into 2021.