Most of those homes, 31.8%, were in the $300,000-$399,999 price range followed by 30.6% in the $500,000-$749,999 range. The median price in Northwest Austin—as defined by Community Impact Newspaper as including the ZIP codes of 78726, 78727, 78729, 78750, 78758 and 78759—continues to be higher that the citywide median price of $405,000. In October, the median price citywide was $405,000 whereas in Northwest Austin the median price was $425,500, according to ABoR data.
Through most of 2019, the median price of single-family homes has stayed above $400,000, according to analysis of ABoR data. ABoR President Kevin P. Scanlan said in a news release that demand continues to outpace the region’s supply of housing.
“Limited and pricey housing within the urban core is driving residents to relocate to the suburbs,” he said. “Until we adopt a refreshed land-development code that focuses on diverse housing options for all income levels within the city, homebuyers will continue to flood surrounding towns.”
Although citywide homes sales increased 4.5% to 670 sales, in Northwest Austin sales of single-family homes dropped 25.5% in November compared to November 2018.
Homes in Northwest Austin also continue to sell faster at 27 days on the market than the citywide average of 40 days on the market. Months of inventory—the amount of time it would take for all the homes currently on the market to sell—is 1.3 months citywide while it is 0.7 months in Northwest Austin.
