City of Austin home price soars to record-breaking $640,000
Austin-area home prices continued their climb in April 2022, the latest monthly report from Austin Board of Realtor shows.
In April 2022, home prices grew by the double digits in the city of Austin, Travis County, and all of the counties in the Austin-Round Rock metro area.
The median home price for the metro area surged to $550,000 last month, up 19.6 percent year-over-year. In the city of Austin, the median home price topped out at $640,000, a 16.3 percent increase from last April, while Travis County's median home price soared to $620,000, up 16.8 percent from a year ago.
These figures represent new all-time highs for the housing market. At present, only Caldwell County, at $365,000, has a median price below the $400,000 mark.
Residential home sales in the Austin metro dipped slightly last month, by 6.2 percent, but with increased prices, the metro's sales dollar volume still grew 11.6 percent year-over-year to $2,231,215,686.
The report notes that active listings increased more than 50 percent that month, leading to the market's biggest gain in housing inventory since the summer of 2017. Still, the local housing market boasts less than a month of inventory (up to 0.8 months from 0.3 months).
"We are far from a healthy number of homes for sale in our market, so any increase in housing stock, no matter how small, is a welcome sign for people looking to buy," says ABOR President Cord Shiflet in a release. "Our area continues to really be influenced by companies targeting the Austin area for job creation and expansion, and that relocating workforce needs a place to live. Austin continues to be a demand-driven market."