How has it changed?
We have definitely been living in some weird times. The current Austin real estate market has drastically been affected. In March of 2020, I wasn’t sure I would have a job as we were in lockdown. Little did I know 2020 and 2021 would be some of the busiest and most unusual years of my career. It was a frenzy of 40+ offers for $50,000 or more over the list price. All of this in a matter of 0-5 days on a house for $350,000-$450,000. I was happy to be busy but it was crazy!!
The hyperactivity in the Austin real estate market was driven by historically low interest rates, high demand, and low inventory. All of those factors are still very prevalent but I have seen a simmer in the market. If you’re a buyer, I would take advantage of the simmer in activity. You may not be in a multiple offer situation which gives you a little more control. Although, it depends on the neighborhood and the home. If you’re a seller, Texas is a highly desirable destination. The inventory and interest rates are still low and we will continue to have a robust market well into 2022.
National Market Review
This video breaks down what has been going on nationally in the real estate market. Why we are not in a bubble and will not experience a crash, as well as the factors affecting the real estate market and what is to come.
July Austin Real Estate Market Statistics
According to the Austin Board of Realtors, July 2021 market statistics for the Austin-Round Rocks MSA, home sales have declined 9% for the first time since May 2020, indicating market stabilization while the median price increased 37% to $480,000. To compare and see how the market has changed over the last year you can start here with July 2020 market statistics.
Call me! I would love to chat over the phone or share a cup of coffee to answer any questions and help with your real estate endeavors. Your business, referrals, and your friendship is appreciated. It’s a Good Life!