This month's Austin home report comes with a warning: this growth is not sustainable.
Author: Katie Friel (CultureMap)
Updated: 6:45 PM CST December 18, 2020
(
CultureMap) At this point, we're running out of ways to say: Austin's real estate market is on fire. November was another record-breaking month following a record-breaking October, September and August.
Despite the sky-high numbers, local real estate experts quoted in the Austin Board of Realtors' November Central Texas Housing Report issued a stern warning: this growth is not sustainable.
"While we’re grateful that the housing market rapidly recovered, last month’s numbers should give us all pause,” said Romeo Manzanilla, 2020 ABoR president, in the report. “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. 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 suitability as a destination for businesses and economic growth.”