Median price of a home in Austin is now $624,000
AUSTIN, Texas — The latest housing report from the Austin Board of Realtors (ABoR) shows that in March, the median price of a home in Austin rose 22.4% to $624,000 – an all-time record for the city.
Last month, ABoR said home sales in Austin decreased 6.3% to 1,048 sales in March, new listings decreased 7.5% to 1,316 listings, active listings rose 20.3% to 533 listings and pending sales dropped by 18.7% to 1,128 pending sales. Monthly housing inventory increased 0.1 months year-over-year to 0.5 months of inventory.
“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,” said Cord Shiflet, 2022 ABoR president. “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.”
For the Austin-Round Rock area overall in March, residential home sales declined 5.9% year over year to 3,302 closed sales as the median price rose 22.6% to a new all-time record of $521,100. Active listings jumped 46.1% to 1,731 listings. Listings spent an average of 21 days on the market, six fewer days than in March of last year.
Lila Valencia, a demographer for the City of Austin, commented on the latest housing data.
“According to the Census Bureau’s 2021 population estimates, Austin is experiencing a net growth of 146 people per day. This type of growth places immediate and significant demand on infrastructure, particularly housing,” Valencia said.
She added that the latest ABoR data shows strong housing market growth in Bastrop and Caldwell counties, “a sign that people are having to look farther out from the central city, which has implications not just for the local housing markets in these areas but also for transit and transportation and access to other amenities and services.”
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