Last year, COVID-19 threw the US housing market into a tailspin. Some cities saw a mass exodus like never before, while others experienced an unexpected influx. Across the country, housing markets in different cities were acting very unusually indeed.
The Austin real estate market was no different. It was one city that saw a huge increase in people moving in—and people looking to buy houses. Because of this, supply soon outstripped demand.
To the surprise of no one, this trend from last year has continued into 2021. Today, the housing market in Austin remains hot. If you want to learn more, read on for all of the latest news, tips, and trends from the real estate market in The City of the Violet Crown.
The Austin Real Estate Market at a Glance
Currently, the real estate market in Austin is booming. Because there is high demand and low supply, house prices are rising across the city. As people continue to move to Austin from other locations such as New York and LA, the demand will only increase.
The average price of a house in Austin now stands at around $562,000. This represents a rise of 35% in the last year. Although house prices in Austin had been rising steadily for a while, this is the sharpest uptick the city has seen in recent memory.
Construction and property investment companies are doing their best to supply new homes to meet the rampant demand but so far they cannot keep up. When a home goes on the market in Austin, it stays on for an average of only 16 days. This shows that the market is moving—and moving fast.
What Has Precipitated the Sudden Influx?
Many factors have contributed to the rise in people wanting to call Austin their home. The COVID-19 pandemic saw people reevaluating their life choices and living situations. To many, Austin represents a simpler, more slow-paced way of life—not to mention somewhere you can get far more bang for your buck.
The properties you can purchase in Austin are far more spacious than those you could find for the same price in Los Angeles or New York. The healthy lifestyle it allows for and the school system it boasts are attractive to growing families. As well as this, the job prospects are desirable and plentiful.
All of the above elements have coalesced to see Austin named the fastest growing city in the US. This, of course, will have a big impact on the real estate market.
Austin Real Estate Market Forecast
So, now we’ve looked at the current state of the market, let’s see what the future could hold. For all of the above reasons, the trends we’ve been seeing over the past twelve months look set to continue. This means it is likely that house prices will continue to rise.
Austin will continue to operate as a seller’s market for the foreseeable future. Until enough housing has been created to keep up with the ever-growing demand, the market trends will continue as they have been.
A Seller’s Market
As we’ve seen, Austin is now what is known as a seller’s market. This means that those looking to sell their home fast are in a good position to do so. Those looking to buy—or even rent—find themselves in a less than favorable situation.
If you’re looking to buy a house, be prepared for a drawn-out search. You may find you have to bid on several properties before you are successful. You should also expect to be paying more than you would have in previous years.
For sellers, make sure you price your home accurately. Be sure to make sure you’re getting the best price—check out houses in your area for an idea of what might be reasonable.
Best Austin Neighborhoods
If you’re considering a move to Austin, you may be wondering about which are good areas to move to. We break it down for you below.
Best for Families: Leander
Leander is a small and charming community just a thirty-minute drive northwest of downtown Austin. Its excellent school district and its proximity to large employers such as Dell and Apple make it a great place for families to settle down. The average house price in Leander is around $445,000, making it more affordable than many other areas in Austin.
Best for Nature Lovers: Barton Hills
If you’re moving to Austin because of the outdoors-oriented lifestyle it offers, then you’ll definitely want to check out Barton Hills. Zilker Park, Ladybird Lake, and the Barton Creek Greenbelt are just some of the outdoor attractions you can enjoy here. House prices in Barton Hills are a little higher than in other areas, however, with the median price standing at around $977,000.
Best for Young Professionals: Downtown
If you’re a young professional and buzzy restaurants and bars are high on your list of priorities, then downtown Austin may be a good choice of location for you. Here, life is fast-paced, and the homes are mainly high-end condos or high-rise lofts. The median house price in downtown is $667,000.
Best for a Good Time: Hyde Park
Austin is known as an eccentric city, and nowhere is the “weird” essence of Austin captured better than in Hyde Park. The residents in this area are a mix of families, students, and young professionals. Here the houses are historic, characterful, and will set you back around $776,000.
Sell Your House in Austin
As we’ve seen above, the Austin real estate market should currently be a seller’s dream. If you are having difficulty selling your home, however, don’t worry. We buy houses, no matter what condition they’re in: get in touch today to discuss selling your home fast.