AUSTIN (Talk1370.com) -- Austin's housing market posted another record-setting month in March, according to new data released Thursday.
The median sales price across the Austin-Round Rock metro area jumped 22.6% to a new all-time record of $521,100, according to the Austin Board of Realtors' monthly housing report. Total sales volume grew by 10.3% to $2.13 billion, while the total number of sales was down 5.9% year-over-year to 3,302. Housing inventory jumped 0.2 months to 0.5 months of inventory, with listings spending an average of 21 days on the market.
“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. “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. 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.”
In the City of Austin, the median sales price rose 22.4% to $624,000, which is a new all-time record. The total number of homes sold fell 6.3% to 1,048, while the dollar volume increased 9.6% to nearly $810 million. Travis County saw similar results for the month, with the median price rising above the $600,000 milestone to $600,500.
“According to the Census Bureau’s 2021 population estimates, Austin is experiencing a net growth of 146 people per day," said Lila Valencia, a demographer with the City of Austin. "This type of growth places immediate and significant demand on infrastructure, particularly housing. When a person or family moves into Austin, finding a place to live is at the top of their agenda. The latest Austin Board of REALTORS® 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.”
Williamson County saw its median price rise to $490,000, a 22.5% increase over the previous year, while sales volume rose 18.8% year over year to nearly $605 million.
In Hays County, the median price jumped 27.6% to $440,000; in Bastrop County, the median price is up 46.9% to $405,500; and in Caldwell County, the median price is up 31.2% to $329,000.