Home prices for all properties in Northwest Austin—as defined by the six-ZIP code distribution area for Community Impact Newspaper’s Northwest Austin edition—hit a median price of $582,250 in April, according to ABoR’s latest Central Texas Housing Market Report. That represents a 37% year-over-year climb for homes in the market and also stands about $30,000 over the median mark for the city of Austin’s entire real estate market.
In Northwest Austin, single-family homes rocketed in price by 42.3% since April 2020, according to the report. Single-family homes, from Quail Creek to Milwood to Anderson Mills, now have a median cost of $641,000, the highest-ever recorded price in Northwest Austin.
“One year ago, shelter-in-place orders effectively ground real estate transactions to a halt, leaving uncertainty in the market,” 2021 ABoR President Susan Horton said in a May 18 news release. “Although striking at face value, last month’s housing market activity demonstrates not only a strong recovery since last spring, but significant growth beyond that recovery.”
Of the six ZIP codes that make up the Northwest Austin market, only one—the historically affordable 78758 ZIP code—reported a median home price under half a million dollars, according to ABoR data. The 78759 ZIP code, home of The Arboretum and the Great Hills neighborhood, had the highest median home price in Northwest Austin in April at $725,000. Across Northwest Austin, the 78729 ZIP code recorded the highest year-over-year percentage increase in its median home price, ABoR data shows. In April 2020, the median home price in that area was $350,000. Today, that number has surged to $552,750—a 57.93% increase over the past 12 months.
These price jumps have come even as new home listings nearly doubled from this point last year. In the middle of the pandemic in April 2020, the Northwest Austin area had 155 new homes listed across the market. One year later, ABoR reported the six-ZIP code area had 307 new home listings.
Those 307 new listings are a 37.05% increase from last month, when 224 new homes were listed across Northwest Austin.
