The median price of a home in the Austin area hit an all-time high of $425,000 in March as the region continues to surpass real estate records, according to the Austin Board of Realtors’ March Central Texas housing report released April 15.
That report reflects a 28.8% year-over-year increase in median home prices and a 78.3% decline in active listings—indicating a competitive market, and the demand for housing has made its way outside of Austin proper.
In March, home sales throughout the five-county Austin-Round Rock Metropolitan Statistical Area increased by 13.1% compared to the same period last year.
The same holds true for the Lake Travis-Westlake region, which encompasses nine ZIP codes in western Travis County, including cities such as Bee Cave, Lakeway, West Lake Hills and Rollingwood, the report said.
The region saw a 33.8% increase in median home prices this March and a 57.8% spike in price per square foot, according to the report.
The ABoR report stated that from February to March, Lake Travis-Westlake’s overall housing inventory dropped from six months of inventory to 0.5 months, and active listings fell from 161 to 137.
2021 ABoR President Susan Horton said in the April 15 report that the Austin-Round Rock MSA is one of the fastest-growing regions in the country, which has created challenges for homebuyers.
“Our housing market is undergoing growing pains and creating a paradox—affordable from the outside looking in, but increasingly unaffordable for those who already call Austin home. While more homes are selling than ever before, it’s more and more difficult to find one,” Horton said.
While Austin leads Texas in increasing home prices, other cities, including Houston, Dallas-Forth Worth and San Antonio, are experiencing similar trends involving high demand and low housing supply, the report said.