DATA: Median price of homes sold in Northwest Austin jumps to more than $650K in March

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.”