Northwest Austin’s real estate market hit a new milestone in March, as the median price for all residential properties reached $400,000 for the first time.

In Northwest Austin, defined by the six ZIP code area where Community Impact Newspaper is distributed, the median home price for March closed at $412,000, which represents a year-over-year increase of 12.9%, according to data from the Austin Board of Realtors.

That is also an increase of more than $60,000 from February, when the median home price sat at $347,500.

It appears that the early stages of the coronavirus pandemic’s impact on the Austin area did not greatly influence the Northwest Austin real estate market, data shows.

"Because Austin’s economy is thriving and the city continues to remain one of the most popular living destinations in the country, the housing market remains extremely tight," said Kevin P. Scanlan, 2019 president of the Austin Board of Realtors, in an April 16 news release. “In March, new listings, active listings and pending sales all declined, but the median price increased.”

Housing inventory, or the amount of time it would take for all remaining homes on the market to sell if no new homes were built, continues to lag in Northwest Austin. For the fifth straight month, Northwest Austin had less than one month of inventory—in March that number stood at 0.6 months.

The Texas A&M University Real Estate Center considers a balanced market to have 6.5 months of inventory.

In March, the number of new home listings on the market in Northwest Austin increased 43.18%—up to 189 new listings—while the average amount of days a listing spent on the market decreased to 24 days, down from 32 days in February. This suggests homebuyers are still incredibly active in the Northwest Austin real estate market.

For detailed information on the real estate market in Travis and Williamson counties, click here.