In February, the median price for a residential property rose to $597,500, up from $531,250 in January—a 12.47% increase. Additionally, this represents a 23.71% year-over-year increase from February 2021, when the median price was $483,000.
The trends in Northwest Austin reflect those seen across Central Texas. In the Austin-Round Rock metropolitan statistical area, median prices rose 26.58% year over year in February to an all-time high of $499,995, according to the report.
Median home prices in Northwest Austin top those in both Travis and Williamson counties, which both experienced double-digit year-over-year increases. In Travis County, median prices increased 15.12% year-over-year to $541,050, and those in Williamson County rose 31.25% to $479,000, the report shows.
“February was a very active month for our housing market as sales price records continue to be broken,” 2022 ABoR President Cord Shiflet said in the release. “We’re hearing from economists that last month’s numbers are a potential harbinger of a big year ahead even as our market continues to deal with insufficient supply compared to demand resulting in the steady cycle of home price increases.”
While the Central Texas region as a whole saw more home sales this February than last, the Northwest Austin area had slightly fewer closed sales with 112 in February 2022, compared to 120 in February 2021.
Additionally, the months of housing inventory available, a metric determined by dividing the number of active listings by the number of closed transactions in the past month, held steady in February at 0.2 months.
Mark Sprague, state director of information at Independence Title, said the ongoing conflict between Russia and Ukraine will further affect the construction supply chain.
“Material and labor costs are on pace to rise from 4% to 5% monthly through 2023 and potentially further,” Sprague said in the release. “Although the possibility that housing inventory will continue to fall is now even more likely, strong housing demand and Austin’s diverse economy will ensure the housing market’s economic impact remains steady. This places our region in a better place than most globally.”
