November 2019 Austin Market Report

[David Ivy]

The November 2019 Central Texas Housing Market Report is out from the Austin Board of REALTORS (ABoR). Many months of low inventory and rising prices in the City of Austin set the metro area on pace for record-breaking sales in 2019 and produced double-digit increases in home sales in all five counties comprising the MSA. The median SFR in the city sold for $405,000, which is up 10% year-over-year form last November. The median in the Austin-Round Rock MSA remained flat from last November ($305,000), but 14% more homes were sold in the metro over that period compared to 2018. Inventory in the MSA dropped to 2.1 months, with Austin itself falling to a crippling 1.3 months. This continues the pattern of low inventory and high demand causing many home buyers to look beyond Austin or choose to rent. Home builders continue to put inventory on the ground on the outskirts of Austin and beyond in response to extreme demand for homes well below Austin's median price.

ABoR president, Kevin P. Scanlan, said, "Because the demand in Austin continues to outpace the supply, the market is experiencing increased urban sprawl. Limited and pricey housing within the urban core is driving residents to relocate to the suburbs. Until we adopt a refreshed land development code that focuses on diverse housing options for all income levels within the city, homebuyers will continue to flood surrounding towns.”

Here are basic stats on single-family home sales for November 2019 for the City of Austin and the greater Austin area:

Here's a look at the median sales price of a 2-4 unit property in the City of Austin.

Here is the chart with only duplexes:

Here is the chart with only fourplexes: