In November, Georgetown reported a median home price increase of 25.6% year over year, to $353,579, and the total number of residential sales increased by 29.1% year over year, the report said. In Williamson County, the median home price increased by 18% year over year, to $326,725, and the total number of residential sales increased by 19.8% year over year, it said.
The Austin-Round Rock Metropolitan Statistical Area also had a record-breaking sales month in November, data shows. Home sales in the area increased by 23.8% year over year, and the median price increased by 19.7%, to $365,000, it said.
“Despite the economic roadblocks and challenges the global pandemic has presented, Austin’s housing market activity is stronger than it’s been in several years,” ABoR President Romeo Manzanilla said in a news release.
Manzanilla added that since the lack of inventory is being observed not only in Austin but in the entire Central Texas area, it could be cause for concern.
The MSA reported 0.9 months of inventory in November, which marks the first time that area inventory has ever dropped below one month, data shows. Williamson County reported 0.5 months of inventory, and Georgetown reported 0.9 months of inventory.
“Our main challenge in this market is navigating the critically low levels of inventory,” Manzanilla said. “This near-zero level of housing inventory throughout the region is staggering, and it will put enormous pressure on home prices and the rental market.”
“Central Texans who could not find a property within Austin’s city limits have historically been able to expand their searches outward to find a home," he added. "But, when the entire region has virtually zero inventory, its leaders must think about how such a broad lack of housing will ultimately impact Austin’s suitability as a destination for businesses and economic growth."