The median price of homes across Northwest Austin fell by about $50,000 compared to April’s housing market, according to a new real estate report.
Regardless of that month-over-month dip, the overall market pace in Northwest Austin continues to skyrocket from where the real estate market stood last year. According to the May 2021 Central Texas Housing Market Report from the Austin Board of Realtors, the median price of a single family home in Northwest Austin rose more than 40% from this point last year. That matches a similar increase seen in April’s housing report.
The median price of a single family home in the Northwest Austin market, as defined by the six ZIP code area where Community Impact Newspaper is distributed, now stands at $590,000. The median price for all residential properties—including single family homes, townhouses and condominiums—was $536,150 in May.
Citywide, the median home price increased 34.9% year over year to $566,500. That is the highest median price recorded for any month in the history of the city of Austin, according to ABoR.“Austin’s housing market has become one of the most competitive markets in the U.S.,” said Susan Horton, 2021 ABoR president, in the organization’s June 15 news release. “As new companies relocate to Austin and the city’s popularity draws in new residents, the sheer demand for housing has created a critical inventory shortage, reinforcing that affordability and accessibility to housing across our region is a real concern and should be a top priority for local leaders.”
