The median price of a home in Austin is now $624,000, ABoR reports

AUSTIN, Texas — The most recent housing report from the Austin Board of Realtors (ABoR) reveals that in March, the median worth of a house in Austin rose 22.4% to $624,000 – an all-time file for the town.

Final month, ABoR stated residence gross sales in Austin decreased 6.3% to 1,048 gross sales in March, new listings decreased 7.5% to 1,316 listings, energetic listings rose 20.3% to 533 listings and pending gross sales dropped by 18.7% to 1,128 pending gross sales. Month-to-month housing stock elevated 0.1 months year-over-year to 0.5 months of stock.

“Rising residence costs together with nationwide inflation and rising rates of interest can seed warning out there, so it’s vital to keep in mind that we’re nonetheless experiencing a really energetic housing market pushed by true demand, not investor hypothesis,” stated Twine Shiflet, 2022 ABoR president. “The Austin space has a dire want for extra housing inventory throughout all housing varieties and worth factors, so final month’s enhance in housing stock and the variety of properties available on the market was a welcome signal.”

For the Austin-Spherical Rock space total in March, residential residence gross sales declined 5.9% yr over yr to three,302 closed gross sales because the median worth rose 22.6% to a brand new all-time file of $521,100. Energetic listings jumped 46.1% to 1,731 listings. Listings spent a median of 21 days available on the market, six fewer days than in March of final yr.

Lila Valencia, a demographer for the Metropolis of Austin, commented on the newest housing information.

“In response to the Census Bureau’s 2021 inhabitants estimates, Austin is experiencing a internet progress of 146 individuals per day. The sort of progress locations fast and important demand on infrastructure, significantly housing,” Valencia stated.

She added that the newest ABoR information reveals sturdy housing market progress in Bastrop and Caldwell counties, “an indication that persons are having to look farther out from the central metropolis, which has implications not only for the native housing markets in these areas but in addition for transit and transportation and entry to different facilities and providers.”

In response to ABoR, in March, the median worth of a house in Bastrop County elevated 46.9% to $405,500. In Caldwell County, the median worth rose 31.2% to $329,000.

For extra on how the housing market is fairing in Austin and the encircling space, learn ABoR’s full Central Texas Home Market Report for March.

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