AUSTIN (Talk1370.com) -- Austin's hot housing market continued to set new records in November, despite a drop in the number of closed listings across the five-county metro, according to the Austin Board of REALTORS.
The group's November Central Texas Housing Report shows the number of closed listings in the Austin-Round Rock MSA dropped 4.9% to 3,215. The median home price was $470,000, which was up 29.7% compared to November 2020.
However, ABOR says the market remains accessible, with 53% of November's closed listings selling between $250,000 and $500,000 - the typical price range for first-time and first-time move-up homebuyers.
"We have all seen the headlines about our housing market and the Austin Board of REALTORS knows that it is competitive, however, when you dig a little deeper, you can see that there is plenty of opportunity and our market is still readily accessible for homebuyers across all price levels,” said Susan Horton, 2021 ABoR president. “This doesn’t mean there isn’t work to be done to ensure everyone has equal opportunity to find a home here, but it does demonstrate that by working with a licensed REALTOR, homebuyers and renters can find something that works for their budget and housing needs.”
Inside the city of Austin, the median home price rose 24.2% year-over-year to $540,000, which is a new November record. Travis County's median home price jumped 24.6% to $529,500, while Williamson County rose 36.5% to $445,000 and Hays County rose 27.9% to $390,000.
Horton added that while housing demand is keeping inventory low, more properties are being listed and sold in the Austin area than ever before.
“We are selling a record or near record number of homes every month because of the popularity of our region, driven by economic opportunities and the quality of life we are so accustomed to. While inventory is still low, we can attribute this to the high demand for our market and the churn of new homes being listed and selling in just over three weeks in most cases. We have a high-demand market that can still be accessible for first-time and move-up buyers and, because of that, the real estate industry is helping contribute to the economic growth across the region.”
Across the five-county metro area, homes spent an average of 22 days on the market, down 13 days from November 2020. In the City of Austin, that figure is shaved to 20 days, down 8 days from a year ago.