Austin Market February 2020

I’ve been helping people buy and sell homes for over 16 years in Austin and this is the lowest housing inventory I’ve ever experienced.  An offer on a house I submitted for a client last weekend ended up having 35 offers. Unfortunately, multiple offer situations are becoming the new norm. 

On average, the statistics are showing year-over-year the Austin market has appreciated by at least 20% from January 2020 vs. January 2021. Simply put, last year what would have sold for $500,000 in January 2020 now would have sold for $600,000 in January 2021.  To give perspective on the appreciation, in the past the Austin market generally sees about a 5-6% appreciation rate year-over-year. 

You may be asking, “When is a good time to buy?” My answer, “Now! If you can find a house and get it under contract.” Homes in Austin aren’t getting any cheaper.