Another record-breaking month is in the books for the red-hot Austin housing market.
The latest monthly report from Austin Board of Realtors reveals all-time highs for home prices at both the city and metro levels, with median home prices surging past the $500,000 and $600,000 marks, respectively, for the very first time.
In March 2022, the median home price in the city of Austin skyrocketed to a record-setting $624,000. That figure is up more than 22 percent from March 2021, when the city's median home price hit a then record of $515,000. In February 2022, the city's median home price sat at $565,000, signaling a jump of $99,000 in just one month.
Meanwhile, the median price for the Austin metro hit $521,100 in March 2022, also up more than 22 percent from a year ago and up from $499,995 in February 2022. This marks the first time the metro's home price has officially passed $500,000.
“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,” says Cord Shiflet, 2022 ABoR president, in a release.
“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.”
Of the five-county metro area, only Caldwell still offers a median home price below $400,000. There, the median price sits at $329,000, but it has climbed 31 percent year-over-year.
Bastrop County's median home price has reached $405,500, an almost 47 percent increase from a year ago, and Hays County homes are now priced at a median $440,000, up more than 25 percent from last March. In booming Williamson County, the median price now sits at $490,000, while Travis County has reached a record $600,500.