November 2020 Market Stats: The Strongest Seller’s Market in Austin History

The pricing increases and the tightness of the market are historic. Real estate professionals have started describing this market as the “strongest seller’s market in Austin’s history”, which is succinct and accurate according to recent data.

November continues the trend of historic pricing increases. Median Sold Price in the Greater Austin Metro area increased +20% to $365,000 and Average Sold Price increased +21% to $466,353. Median Sold $/SqFt increased +14% and Average Sold $/SqFt increased +14%. Median Days on Market saw a huge drop from 36 days to a mere 8 days. It’s worth noting that November typically sees a seasonal slowdown. These low Days on Market numbers show that this is not yet happening.

These pricing statistics are historic & incredible. Just as incredible, and arguably more so, are the volume increases and inventory decreases. In City of Austin, total sales jumped +9% year over year and inventory dropped to 1.2 months of inventory. We consider anything under 3 months of inventory a seller’s market. 1.2 months of inventory clearly puts us in the strongest seller’s market in Austin’s history.

Inventory is less than half what it was in previous years. We don’t expect demand to let up (unless something unexpected happens with interest rates), so supply is the only variable that can help buyers. We do expect supply to pick up when there is an effective vaccine released. Until then, we expect the market to remain incredibly tight.

All real estate is hyperlocal, so different neighborhoods in Austin are performing differently. If you’d like to see statistics about your specific neighborhood or area, leave us a message below.