From January to March, the median price of a home sold in Northwest Austin has increased by more than $100,000, according to an April 14 report from the Austin Board of Realtors.
The median price of residential property in Northwest Austin was $652,000 in March—up from $597,500 in February and $531,250 in January. The March median price represents a 9.12% month-over-month increase and a 21.94% year-over-year increase from March 2021, when the median price was $534,701.
The trends seen in Northwest Austin reflect those throughout the Austin-Round Rock metropolitan statistical area, where median prices rose to an all-time high of $521,100, according to the ABoR report. The previous record median sales price—$499,995—was set just a month earlier in February.
Median sales prices in Northwest Austin are higher than those seen in Travis and Williamson counties in general. In March, both counties saw median sales prices increase by about 22% year over year to $600,500 in Travis County and $490,000 in Williamson County, the report shows.
“Rising home prices along with nationwide inflation and rising interest rates can seed caution in the market, so it’s important to remember that we are still experiencing a very active housing market driven by true demand, not investor speculation,” ABoR President Cord Shiflet said in the release.
In March, there were 177 closed residential sales in Northwest Austin, up from 112 in February and 156 in March 2021. A home spent an average of 13 days on the market.
The Northwest Austin area—like much of Central Texas—did see a slight increase in the months of housing inventory available, a metric that shows how long the current supply of houses for sale would last if no additional houses were put on the market.
This number rose from 0.2 months in February to 0.4 months in March in Northwest Austin. Across the metropolitan area, this number rose from 0.4 months to 0.5 months during the same time period.
“More homes are being listed and sold in Austin than ever before, and people are buying those homes because they need to live in them,” Shiflet said in the release. “The Austin area has a dire need for more housing stock across all housing types and price points, so last month’s increase in housing inventory and the number of homes on the market was a welcome sign.”