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Austin housing market continues to break sales price records—but record-low inventory could spell trouble
The Austin housing market continues to thrive despite the ongoing pandemic, but a continuing inventory shortage could jeopardize its growth.
The median sales price in the city of Austin increased 10%—to $433,493— in November, according to the latest Austin Board of Realtors market report. Meanwhile, the housing inventory fell to less than a month's worth. The Real Estate Center at Texas A&M University estimates a balanced housing market has more than six months' inventory.
"Despite the economic roadblocks and challenges the global pandemic has presented, Austin's housing market activity is stronger than it's been in several years," ABoR President Romeo Manzanilla said in a statement Wednesday.
The rising home prices and falling inventory go hand in hand.
"This near-zero level of housing inventory throughout the region is staggering, and it will put enormous pressure on home prices and the rental market," he said.
The trend is not limited to Austin; the five-county Austin-Round Rock metro also reported a record-breaking median sales price—as well as an all-time low level of inventory.
The median home price in the metro increased nearly 20% to $365,000 while the housing inventory fell to 0.9 months' worth, according to the report.
This is concerning, Manzanilla said.
"Central Texans who could not find a property within Austin's city limits have historically been able to expand their searches outward to find a home," he explained. "But, when the entire region has virtually zero inventory, its leaders must think about how such a broad lack of housing will ultimately impact Austin's sustainability as a destination for business and economic growth."
Demand for housing is amplified by the influx of new residents.
Austin leads U.S. cities in population growth, according to LinkedIn's latest workforce report, which was published earlier this month. And hiring is up year-over-year.
Some big-name tech companies have also attracted national attention for their presence in town.
Tesla is hiring executives for its forthcoming Southeast Travis County Gigafactory, and its CEO Elon Musk is also house-hunting in Austin. Software giant Oracle also recently relocated its headquarters to Riverside Drive from its previous location in Silicon Valley.
"This growth is not sustainable," said Mark Sprague, state director of information capital at Independence Title, in a statement. "The one variable that will hold the market back is the lack of inventory."
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Summertime sure does fly by, doesn't it? It's time to jam-pack as many summer activities as you can while there is still about a month left before school starts up again and the grind gets going. Luckily, Austin is full of places to visit that will fill your season full of memories.
To get you started, check out some of these seasonably-fit museums, galleries and snacks.
Beyond Van Gogh, 9201 Circuit of the Americas Blvd.
Like the name suggests, Beyond Van Gogh Austin takes visitors deeper into the Dutch painter's work by surrounding them in his post-impressionist world. Aptly taking place at the Starry Night Pavilion at the Circuit of the Americas, this immersive exhibit allows Vincent Van Gogh's masterpieces to be "freed from frames" as they are projected onto the walls and floors for guests to explore. Van Gogh's thoughts, dreams and words are set to a symphonic score to drive the narrative as you walk through the rooms, giving visitors insight into the tortured artist's swirly world. Adult tickets start at $46.99, children at $28.99 and it offers student and military discounts while the museum runs through Sept. 5.
Museum of Ice Cream, 11506 Century Oaks Terrace
The runaway hit from New York City has made its way to Austin, complete with a rainbow sprinkle pool, banana forest and bright-pink-everything exterior. The Museum of Ice Cream is a favorite of major celebrities—Beyoncé, Ryan Reynolds and the Kardashian Krew have all been spotted at the New York Location. The whimsical museum promises an undisclosed "Texas twist" at its new Austin location, which also has an on-brand café that serves Museum of Ice Cream original treats. You didn't think you'd leave without ice cream, did you? Tickets run $39 per person.
The Selfie Galleries, 3220 Amy Donovan Plaza
Looking for a place to get that perfect summer selfie? Look no further, because the newly-opened Selfie Galleries has 20 wildly decorated different rooms to roam through, capturing an unforgettable photo of yourself and your faves in each one. The backdrops were made so you can flex your creative muscle and make some documented memories at the same time. The gallery also hosts mixers for all age groups so you can meet local Austinites in a safe setting. Tickets start at $20 for an hour, $40 for two, depending on how many people you bring along.
Wonderspaces, 1205 Sheldon Cove
The self-proclaimed "new home for extraordinary art," Wonderspaces is an interactive art gallery like you've never experienced before. With rotating exhibits that you can touch, Instagram and ogle, the artwork is designed for everyone to create their own unique experience when visiting. Virtual reality, a house of mirrors, anonymous conversations and a dragon made of teabags are just a few of the wild installations that make this museum what it is—plus, you can enjoy some local brews at the Wonderspaces Bar. Adults can visit for $24, kids for $15 or you can get an annual pass for $99 and visit each new piece.
Milk Bar Bakery, delivery only
Maybe you want an experience without the outing. Thanks to ghost kitchens, the brainchild of Christina Tosi came all the way from The Big Apple to the Lone Star State. The well-celebrated Milk Bar Bakery is now available in Austin through third-party delivery only, meaning you can get the full line of milk bar cookies, bar pie, truffle crumb cakes and its famous layered birthday cakes through UberEats, GrubHub, DoorDash and Postmates only. If you haven't had these rich cookies yet, it's time to fire up that delivery app and get to ordering!
Soak up the rest of summer while you can!
- 1 1/12 oz sweet pepper-infused Tito's Handmade Vodka
- 3 oz soda water
- 1 oz grapefruit juice
- 1/2 oz lime juice
- 1/4 oz simple syrup
Something about Q2 Stadium brings the best out of goalkeepers.
Much like Austin FC's Brad Stuver has done throughout the season, U.S. men's national team keeper Matt Turner kept his team alive in a 1-0 victory over Qatar. The match proved to be a battle of stamina as USMNT's Gyasi Zardes netted a last-minute goal to push Team USA to the CONCACAF Gold Cup final.
Turner, who has conceded just one goal throughout the tournament, continually tipped off shots by an offensively-minded Qatar and put up three saves. Turner now has 18 saves in the Cup.
🧤🧤 Matt Turner was on 🔥 in goal for the #USMNT!
This magnificent save was the Save Of The Game presented by @Allstate #ThisIsOurs #GoldCup21 🏆 pic.twitter.com/MzUScTLNJU
— Gold Cup (@GoldCup) July 30, 2021
The USMNT stumbled through the first half, falling to a 10-shot deficit in the first 45 minutes. Qatar, which gained quick acclaim as the 2019 Asian Cup winners, has not gone scoreless throughout the tournament and has tallied the most goals in the Gold Cup so far.
Qatar saw their biggest shot to topple the U.S. team in the 61st minute after they were awarded a penalty kick. Turner never had to make a save, however, as Hassan Al Haydos missed the crucial shot.
Team USA regrouped and took the reins of the second half, but it was two substitutions by USMNT Head Coach Gregg Berhalter that advanced the team to the continental final.
The two second-half subs, Gyasi Zardes and Nicholas Gioacchini, proved to be the perfect mix for Team USA. As the final whistle loomed, Gioacchini set Zardes up for the first goal of the game in the 86th minute of play.
⚽ The finish ✅
🎥 The camera ✅
🔥 The atmosphere ✅
A perfect goal 🇺🇸🙌#GoldCup21 🏆 #ThisIsOurs pic.twitter.com/KGcpz8aZOR
— Gold Cup (@GoldCup) July 30, 2021
But Zardes wouldn't take credit for the game-changing goal.
"It's not just me, it's a whole team effort," Zardes told FS1. "It was a tight game, they're a great team, but our starters did a phenomenal job at wearing them out... and trying to create opportunities to where when the subs came in, we were able to make a difference."
An outmatched Qatar wasn't able to gain ground as the final tally went 1-0 to the U.S. in Q2 Stadium.
While some were concerned at stadium turnout before the match began, the stadium slowly swelled to near capacity as usual in Austin. Berhalter, whose son Sebastian Berhalter is a midfielder at Austin FC, has previously shown admiration for the MLS' newest stadium.
The USMNT is in Austin for the first time tonight.
After watching his son Sebastian play in the Austin FC home opener, HC Gregg Berhalter is hoping for a similar atmosphere at Q2.
"It's one of the top atmospheres in Major League Soccer." | @KVUE pic.twitter.com/Il4xJ76jvZ
— Jake García (@Jake_M_Garcia) July 29, 2021
This was the second national team match held in Austin in under a month after the women's national team christened the pitch in June.
Next up, Team USA will play the winners of the Mexico vs. Canada semifinal, which takes place at 9 p.m. Thursday, in the Gold Cup final. The final round of the continent's biggest tournament will take place at 7:30 p.m. on Saturday in Las Vegas.
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