April 2021 Austin Market Update

[David Ivy]

April 2021 market statistics are out from the Austin Board of Realtors. In the City of Austin, low inventory and sky-high demand pushed the median sales price to $550,562, which was up 32% compared to April 2020. That’s an all-time high. The greater Austin metro area was up a whopping 42% to a median price of $460,000. Inventory remains outrageously tight at 0.6 months in Austin and 0.5 months in the greater metro.

The pandemic began in March 2020. Lower sales volume in April 2020 was one of the pandemic’s first effects on the Austin market. That explains why closed sales were up 37% in the greater Austin metro in April 2021 and up +51% in the City of Austin. However, the pandemic had no meaningful impact on sales prices in 2020. So, the jump in median sales prices quoted we've witnessed in 2021 so far is not a result of a drop in prices last year.

Here are April 2021 stats for the City of Austin and the greater Austin metro area:

This continues the low inventory, high demand pattern the Austin area has experienced for many years. However, conditions have intensified greatly throughout 2021 so far. Robust economic growth in the Austin area has created many thousands of jobs and will continue to do so for years to come. Mortgage rates are near historic lows. Despite the recent run in prices, the Austin metro area house is still affordable compared to many metros. Quality of life is high, but overall cost of living is comparatively low when viewed from, say, a Californian's perspective.