Median sale prices for Northwest Austin single family homes sold in the month of February have increased 77 percent since 2011, according to data from Austin Board of Realtors.

In February 2018, a month ABoR officials said is typically slow, areas in the Austin-Round Rock MSA with the highest market demand and lowest inventory experienced double-digit percent price increases, according to a Central Texas Housing Market Report compiled by ABoR.



Some of Northwest Austin’s traditionally less expensive neighborhoods have seen greater increases in single family home prices as the supply of lower priced homes fails to keep pace with high demand. In the 78758 ZIP code for example, median home prices increased nearly 20% comparing February 2017 to February 2018, outpacing the city of Austin as a whole which saw a 12% increase in median home price year-over-year, according to ABoR data.

In the Gracywoods neighborhood, just minutes east of The Domain in the 78758 ZIP code, one resident told Community Impact Newspaper that she received on offer on her home Feb. 1 for $304,000, just hours after listing it for $299,000. The resident bought her home 15 years ago for $149,900.



“Population growth is putting additional pressure on local housing markets with already critically low housing inventories, leading to sharp price increases that both homebuyers and new home developers cannot keep up with.” Mark Sprague, state director of information capital for Independence Title, said in a news release from ABoR.