For the second month in a row, the median home price in Community Impact Newspaper's Southwest Austin distribution area exceeded $600,000, according to data from the Austin Board of Realtors. Citywide, the $566,500 May median price set a record.
In May, the median price of Southwest Austin home sales was $602,000, up 0.33% from April's $600,000 and up 45.1% year over year. May's prices mark a new record for the area; however, it also marks the smallest month-over-month percentage increase since the start of 2021.
Stagnant prices in Southwest Austin may be in line with the predictions of some local real estate experts that the market is cooling off after months of surging prices and dwindling inventory. In a survey by Austin real estate firm Bramlett Residential of more than 500 real estate agents in the Austin area, 61% said they believed the market was cooling down or stabilizing. The company's internal marketing data also shows a 36.8% decrease in new inquiries since January.
"It’s important to understand that this data does not indicate any drop in prices. In fact, we won’t be surprised if prices increase more, since sales price is a lagging indicator. Likewise, we don’t see a market shift to a buyer’s market. What we do predict is that the market will become more normal. Bear in mind that 'normal' for Austin is an incredibly healthy seller’s market," said Eric Bramlett, broker at Bramlett Residential.
