Central Austin continues trend of rising home prices in recent report

Sold sign
Austin Board of Realtors data shows a $625,000 median home price in Central Austin during October 2020. (Community Impact staff)

Austin Board of Realtors data shows a $625,000 median home price in Central Austin during October 2020. (Community Impact staff)

In another month of rising home costs, the median home price in the Central Austin area was $625,000 in October. A recent report from the Austin Board of Realtors showed a 26.3% increase in the area’s median home price from October 2019 to October 2020. That figure also rose month over month, up from $575,000 in September. The city of Austin at large also set a record with a median price of $441,250, according to ABoR.

The full Austin Metropolitan Statistical Area saw rising prices last month, as the region’s median price reached a record $365,000. The volume of sales is also up; for the third month running, the region saw a double-digit increase in the number of complete sales, for a total of 3,780 sales.

“The continued stability and strength of our market will be crucial heading into 2021,” ABoR President Romeo Manzanilla said in a Nov. 19 news release. “As we come to the end of a challenging year, I’m proud of the work that Austin Realtors have done to stabilize and grow our market.”

However, Manzanilla also stressed that high prices present mounting hurdles to affordable home ownership in Austin. Following the passage of Propositions A and B, which represent billions of investment in public transportation in Austin, Manzanilla said he hopes City Council will focus on affordable housing solutions in cooperation with ABoR and the local housing industry.

“With a major transportation solution for our region now in place, we expect Austin City Council will turn their attention to the housing affordability crisis, which has only worsened during the pandemic,” he said.


Low housing supply is a driving factor behind the city’s rising home prices. The city of Austin had just 1.2 months of housing inventory at the end of October, down by 0.4% from the previous month. Central Austin has more inventory—2.6 months' worth—due to its high concentration of condominiums. Single-family houses have been in higher demand than condos during the pandemic.
By Olivia Aldridge
Olivia is the reporter for Community Impact's Central Austin edition. A graduate of Presbyterian College in upstate South Carolina, Olivia was a reporter and producer at South Carolina Public Radio before joining Community Impact in Austin.


MOST RECENT

Photoo of Travis County sign
Austin City Council, Travis County Commissioners Court will hold rare joint session to address 'dire' COVID-19 status

County Judge Andy Brown called the meeting "an opportunity to coordinate responses."

Photo of a wine shop
Salt & Time expands with natural wine shop and other East Austin business news

Read about six businesses that have opened, closed or celebrated anniversaries on the East Side.

Voters line up during the Dec. 15 runoff election. (Christopher Neely/Community Impact Newspaper)
Legality of ranked-choice voting prompts disagreement between supporters, Austin city attorneys

If a Jan. 11 petition is validated, Austin voters could decide whether to support the implementation a ranked-choice voting system. But is it unconstitutional?

A group of Austin-area school districts is advocating for early distribution of COVID-19 vaccines for school staff members. (Courtesy Adobe Stock)
Austin-area school districts advocate for teachers to receive COVID-19 vaccines

Educators in the designated population for early distribution of the COVID-19 vaccine in 32 states. Texas was not one of them, according to a Jan. 14 letter signed by 17 Central Texas school districts.

Dr. Anthony Fauci gave remarks while accepting the Ken Shine Prize in Health Leadership from Dell Medical School. (Screenshot via The University of Texas)
Dr. Anthony Fauci praises UT researcher’s role in vaccine development

Dr. Anthony Fauci's remarks came while accepting the Ken Shine Prize in Health Leadership from Dell Medical School.

Photo of Judge Andy Brown at a press conference
Travis County health leaders say Regional COVID-19 Therapeutic Infusion Center will help unburden hospitals

In its first week, the center offered 120 coronavirus patients an antiviral antibody treatment.

PHoto of a vaccine being administered
Austin Public Health discusses vaccination priorities, registration protocol as regional hub

Local health leaders discouraged people from walking up to vaccine sites without an appointment.

Austin Mayor Steve Adler will still reach his term limit in 2022 if voters approve changes to the election cycle. (Jack Flagler/Community Impact Newspaper)
Potential strong-mayor system in Austin would be 'weakest of any big city in the country,' supporters say

Exactly what kind of a strong-mayor system would Austin have if it was approved by voters? Among the weakest in the country, supporters said.

Texas Comptroller of Public Accounts Glenn Hegar shared a new revenue estimate for the 2022-23 biennium Jan. 11. (Courtesy Texas Comptroller of Public Accounts)
Comptroller projects drop in state revenue, potential for economic uptick for next biennium

Despite the slight reduction in expected revenue for the state's 2022-23 budget, recovery could be on the horizon.

After seeing a 5,000-student decline in enrollment this year, Austin ISD could see its funding cut by the TEA this spring. (Nicholas Cicale/Community Impact Newspaper)
Educators in Austin ask TEA to close funding gaps, allow more flexibility to keep students home

After seeing a 5,000-student decline in enrollment this year, Austin ISD could see its funding cut by the TEA this spring.