It's new month, and with that we hit a new all-time record for median sales price. The media sales price now averages $521,100 in the Austin-Round Rock MSA. This represents a 22% increase to median sales prices in March 2021. It's an all-time record, and while February and January also set records this year, the year over year growth has slightly slowed down to 22% compared to 27% year over year growth for Feb 2022 and 30% year over year growth for Jan 2022.
The highest increase in media sales price can be seen in Bastrop County (46% increase year over year), followed by Caldwell County (31% increase), Hays County (27%) and City of Austin, Travis County and Williamson County all at 22%. Caldwell County shows both increase in media sales price as well as sales volume, while the other counties show a slight decline in sales volume compared to 2021.
Nationwide inflation, an increase in interest rates and rising home prices are some drivers of the Austin market growth, but it's worth remembering that continued growth in Austin is fueled by real demand (over investor speculations). Austin's population continues to expand with a net growth of 146 people a day. More homes are sold - active listings are up 46% year over year with over 1,700 listings in March. While interest rates might be going up, this doesn't necessarily mean lower home prices in a high demand market like Austin.
