The Austin housing market rebounded from its past two months of decreased home sales in September 2014, seeing the most homes ever sold in an Austin September. Sales increased 10% from this time last year, with 2,524 single-family homes sold. Even with the rising home prices, Austin’s population and job growth are enough to combat the growing affordability issues.
“The data supports the current migration to Austin. We have over 100 people moving to Austin everyday because of our strong job market, among other things. New Home Builders have not been able to keep up with the demand for housing,
said Seth Thompson, Broker at HomeCity Real Estate. “The fact of the matter is that Austin’s job market is so strong, it will continue to fuel the city’s economy for quite some time.”
The median home price, as well as the average home price also hit record-breaking highs this September, with the highest recorded figures in both categories. The median home price increased 8% year-over-year to $240,000 while the average price rose 7% to $308,514.
“Home prices continue to rise, which is raising some affordability issues. Many first time homebuyers cannot afford to purchase a home, yet still sales increased by 10%. There is just an incredible amount of people moving to Austin every day. Those people need homes and are willing to pay for them,” said Thompson.
Homes continued to sell very quickly, spending an average of 44 days on the market. This is unchanged from last year. This is the first time that the average number of days spent on the market remained statistically unchanged year-over-year since September 2011. Inventory remained low, slipping back to 2.8 months, which is still a slight increase of 0.1% since this time last year. It is definitely a sellers market here in Austin; there is no doubt about that!
Over all, $778,689,336 of single-family properties sold in September 2014, which is 18% more than September 2013. Accordingly, active listings rose 8% year-over-year to 6,469 listings, while new listings increased 4% to 2,586 listings.
The rental market remains incredibly hot, with a total of 1,444 properties leased last month. This is eight percent more than September of 2013. The median price for leases in Austin was $1,480, which is ten percent more than last year. If rental prices continue to rise, it would be a smart move to invest in buying a home before prices go up any further.
September 2014 Austin Housing Market Statistics Compared to 2013:
- 2,524 single-family homes sold, up 10%
- $240,000 was the median prince for single-family homes, up 8%
- $308,514 was the average price for single-family homes, up 7%
- 44 was the average number of days homes spent on the market, unchanged
- 2.8 months inventory, 0.1 months more than 2013
- $778,689,336 were spent on single-family properties, up 18%