In January, the median home price was $465,000, which is an increase of 36.82%, or about $125,000, since January 2019. Year over year, prices have grown by about 25%, according to ABoR, and January's median price numbers were greater than those from 11 of 12 months in 2020.
Low inventory continues to drive prices, with only 0.4 months of inventory in the Austin-Round Rock metropolitan area as compared to 1.6 months of statewide inventory, according to ABoR.
“There is strength across every price point and demand for every product,” said Vaike O’Grady, a regional director with real estate research firm Zonda, in the ABoR news release. “Despite developers building as quickly as they can throughout the region and more than 6,000 home sites projected to come online within the next six months, the overall number of lots in development is only just able to keep up with current demand. This means that homes will continue to sell as soon as they hit the market, and prices will continue to rise steadily in the months to come.”
There were 0.3 months of inventory in the Southwest Austin market in January, with 114 active listings, which makes it the sixth consecutive month for the area with less than a month of inventory.
January saw 244 total sales in Southwest Austin, 217 of which were single-family homes, as compared to 24 condos and 1 townhome.