The real estate market in Austin continues to set new records.
The Austin Board of Realtors (ABOR) released a monthly report that shows average home prices in the Austin area cracked the $400,000 plateau for the first time, topping out at an average of $420,000 during the month of July. Within the city limits, sales skyrocketed by nearly 9 percent year-over-year while the median home price jumped by 8 percent to $405,093.
Over the last 12 months in Austin, realtors sold 33,084 single-family homes, amassing $13.1 billion in overall sales volume.
"Compared to 2010, home sales in 2019 increased by 84 percent," ABOR’s newly installed president Romeo Manzanilla said. "That type of exponential growth has put enormous pressure on the market, raising the median home price from $193,520 in 2010 to $318,000 in 2019."
Over the last decade, the population in Austin has also welcomed well over 200,000 new residents and is fast approaching upwards of a million residents
"Austin’s GDP, which grew 117 percent over the last 20 years, helped the real estate market recover from the recession,” said Mark Sprague, state director of information capital at Independence Title. “The closest metro out of the top 50 in the U.S. to see this type of growth was Silicon Valley, which grew its GDP by 99 percent during the same period.”
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