Austin Housing Market on Track for Record Sales as Home Sales Jump Throughout MSA
The Central Texas real estate market is headed for record-breaking sales this year. November home sales throughout the five-county Metropolitan Statistical Area (MSA) pushed the year-to-date total to 30,561 sales, which is approximately 300 homes shy of last year's total sales volume. Each county experienced a double-digit increase in home sales; the city of Austin slightly rose 4.5% to 670 sales, according to the Austin Board of REALTORS® latest Central Texas Housing Market Report.
"Because the demand in Austin continues to outpace the supply, the market is experiencing increased urban sprawl," Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “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.”
This November’s home sales are considerably stronger than 2018 numbers, indicating the demand for housing in the greater Austin area has not ebbed despite projections for a slowdown, Vaike O’Grady, Austin regional director for Metrostudy, said.
“This time last year, we expected the housing market would slow, but that’s not been the case. We’re seeing very strong numbers for new homes across the board,” she said. “Because Austin is severely constrained, home builders are moving outward in search of lower land costs and development opportunity. The surrounding counties are going to continue to emerge with the current demand.”