Austin’s housing market is booming. The market reflects what is happening in other major cities across the country. While activity appears to have slowed slightly in recent months, Austin’s residential real estate market remains extremely hot, with prices increasing significantly over the last year. Austin real estate remains a seller’s market, owing to low interest rates, strong in-migration, a rapidly recovering local economy. In November, the Austin housing market continued its record-breaking pace.

Despite a calming trend, it is still on track for a record-breaking year. While home sales in the Austin-Round Rock metro area fell 4 percent, the median sales price increased 29 percent year over year to $470,000, setting a new November record. A lack of supply is lagging strong demand, causing home prices to rise. While inventory remains low, we can attribute this to the Austin market’s high demand and the churn of new homes listed and sold in less than three weeks (22 days) in the majority of cases. MORE