Austin Real Estate Market – July 2019 UPDATE
The Austin Board of Realtors is reporting a sizable increase in both home sales and homes going pending in May.
With interest rates now hovering around 3.5% for a 30-year fixed, the buyer market appears to be red hot.
Now Is the Perfect Time to Sell Your Austin Texas Home
If you are considering a home purchase, get with me as soon as you can so we can take advantage of the market. And if you aren’t considering it, perhaps you should!
Austin Remains One of the Hottest Housing Markets in The United States
You can see just how hot Austin’s housing market is when you look at recent trends and statistics.
Take the median “days on market” (DOM), for example. This metric shows how long it takes for properties to sell, from the initial listing to the contract. A lower DOM shows that homes are selling quickly within a particular market, while a higher number indicates more sluggish conditions.
Austin currently has one of the lowest median days on market in the country, and certainly the lowest among the major metros in Texas.
As of early May 2019, homes listed for sale in Austin, Texas spent a median of just 12 days on the market before going under contract. That indicates a fast-moving housing market with strong demand from buyers.
For comparison, the national median DOM for that same period was 40 days.
Among Texas’s major metro areas (including Dallas, El Paso, Houston and San Antonio), Austin currently has the “fastest” housing market in 2019. At least when you measure it by median days on market.
The city also has a lower level of supply, when compared to the other major cities in Texas.
As of May 2019, the Austin area still had less than a two-month supply of homes for sale. A “balanced” real estate market has closer to five or six months’ worth of supply. The nation as a whole had about a three-month supply of homes during that same period.
Ready to buy or sell an Austin Texas home? Contact me at (512) 944-7378 or click here to connect with me online.