"Austin's unprecedented population growth during the past decade has heavily impacted the real estate market. Compared to 2010, home sales in 2019 increased by 84%," 2020 ABoR President Romeo Manzanilla said in a news release. "That type of exponential growth has put enormous pressure on the market, raising the median home price from $193,520 in 2010 to $318,000 in 2019. As we look forward to this year, the market is not showing signs of slowing down anytime soon.”
Months of inventory is the amount of time it would take for homes currently on the market to sell. The Texas A&M Real Estate Center reports a balanced market has a six-month supply. But in Northwest Austin, the area has had some of the lowest inventory of single-family homes in the region, according to an analysis of ABoR data. Citywide, months of inventory also dipped below one month to 0.9 months in December compared to 1.7 months for the Austin-Round Rock metro. Here is how months of inventory tracked in 2019 for Northwest Austin:
Homes are also selling at a faster pace in Northwest Austin with less time spent on the market, ABoR data shows. In 2019, single-family homes were active on the market for an average of 28 days in Northwest Austin compared to 38 days citywide. In December, homes spent an average of 42 days on the market in both Northwest Austin and citywide. Here is how days on market tracked in 2019 for Northwest Austin:
The median price of single-family homes in the city of Austin continues to stay above $400,000, according to ABoR data. In December, the median price of sold homes was $405,093, an increase of 8% compared to December 2018. For the entire year, the median price of homes in the city was at $395,000, an increase of 5.3% when compared to 2018.
In December, the median price in Northwest Austin was $406,250, a 16.1% increase compared to December 2018. The area's median price for 2019 was $397,000, up 9.2% from 2018. Of the majority of homes sold in December in the Northwest Austin area, about 34.9%, were in the $300,000-$399,999 range, according to ABoR data. Here is a look at how the median price of single-family homes tracked in 2019 for Northwest Austin: