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Record-Breaking Summer for Austin Homes

October 10, 2020 6:31 pm

It’s been a record-breaking summer for homes in Austin TX. The area continues to be a hot spot for new arrivals looking for the good life. With more people working from home, it’s easier than ever to relocate. Austin is high on the list of choice destinations thanks to healthy job growth, a pleasing climate, low taxes and an exciting culture.

August saw new all-time highs in the number of homes sold, dollar values of home sales and median home values in the Austin metropolitan area.

The Central Texas Housing Report published by the Austin Board of Realtors showed median home prices within the city of Austin at $435,000 for the month. That’s nearly 15% higher than last year, marking a new high point in the history of the city’s home values.

Low inventory and high demand drove up home prices as buyers competed to outbid each other for the few homes available. Buyers were also eager to take advantage of low interest rates, so they acted quickly to buy homes while the rates are still in effect.

As you can guess, all this demand means that homes listed for sale didn’t stay on the market very long. Average time on the market for a home in August was just 42 days. Last year at the same time it took an average of 52 days for a house to sell.

Median home price in the Austin metro area was $355,000, which is 11.3% more than the same time last year. Within the City of Austin, the average price is even higher, at $435,000. Home sales in the entire area increased 12.9% over last year.

Are you ready to relocate to Austin? We can build a home that suits your needs in a thriving master planned community with great amenities. Our communities are located in the area’s most popular spots including San Marcos and Round Rock. We offer an extensive selection of floor plans with customization options so you can get exactly the house you want.

Start planning your new home now to take advantage of Austin’s thriving real estate market and lock in those low interest rates. Live chat, call or text Buffington Homes today at 512-754-0013 to learn more about our homes in Austin TX.

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