The median sales price of a home in Austin has surpassed $600,000.
According to the latest numbers from the Austin Board of Realtors, homes in the city sold for a median price of $624,000 in March. That represents a record-high price, and a 22% increase in sales price over the past year.
This rapid increase in prices has been the norm since the early months of the pandemic when several factors converged to increase demand for housing and to severely limit supply. These factors only poured gasoline on an Austin market already on fire; for years, the city has struggled to provide enough homes for people wanting to buy them.
Plus, people continue to move to Austin, increasing the competition in the for-sale housing market. According to a, Austin’s population grew more quickly in the first year of the pandemic than it had prior.
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