While the Austin metro housing market is starting to stabilize with less month-to-month growth, fewer sales and more available housing stock, prices remain high compared to last year, according to a recent Austin Board of Realtors report.
“Tesla moving its headquarters here has cemented Austin as a hub of the tech and innovation industry with the potential for limitless opportunities,” said Laura Huffman, president and CEO of the Austin Chamber of Commerce.
Despite fewer sales in most of the Austin area, the ARBOR does not expect the housing boom in Austin that began two decades ago to slow any time soon, according the board’s report.
“The September statistics show that the Austin market continues to stabilize, but gives an indication that our ‘new normal’ will be stronger than the pre-COVID[-19] market,” Bramlett Residential Broker Eric Bramlett said in a press release.
Home prices in the Austin-Round Rock metro area as a whole were up 28.5%, to $564,484, in September, compared to the prior year, according to the report.
In Community Impacts Newspaper's Southwest Austin area, the median home price was $576,650, a 40.7% increase compared to last year.
Travis county saw a 22.9% increase in year-over-year prices, with a median home value of $510,000.
Comparatively, Hays County—one of the fastest growing counties in the country according to the 2020 census—saw a 16.3% year over year increase with a median home value of $365,000 in September.
The San Marcos, Kyle and Buda area had a lower median home price than the county at $340,000, but that accounted for a 27.1% increase from the previous year.