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March started out strong for the Austin real estate market, but the impact of coronavirus caused activity to slow down toward the end of the month, particularly as shelter-in-place orders went into effect. However, now that real estate has been designated as an essential service and home showings have resumed, we’ve seen interest from buyers and sellers start to pick back up gradually.
March Market Snapshot
New listings in March. Although there was a substantial drop in listings added in the final week of the month, the total number of homes put on the market was just about flat compared to March 2019.
The median percentage of a home’s original list price that it ended up selling for. This suggests that sellers haven’t had to make big price cuts in order to get their home sold. In Austin, this typically ranges from 96-98%, so this is on the high end.
Decrease in homes that went under contract this March vs. last year. While some buyers and sellers have decided to hold off right now, there were still over 2,500 homes that went under contract last month.
“While there’s no doubt that the coronavirus and its impact on our daily lives has affected the real estate market, our team has been busy. We’re still meeting with buyers and sellers every day and we put 10 Austin listings under contract in March.”
— Rachel Bennett, Orchard Home Advisor
Received an offer in less than 4 weeks at the full asking price
Have questions on buying or selling right now?
We’ll be updating this post in real-time with new information about how we’re working with customers in each of our markets and answering your questions about the real estate market.