The rise of house prices in Austin, TX
The real estate market can be intimidating for anyone looking for a new home. For first time home buyers and experienced investors alike, news articles are citing that we're living through the hottest housing market in decades[1].
For many people, buying a house is one of the most important decisions they'll make in their lives[2]. However, when is the right time to buy a house? Are prices high right now, and will they further increase? Should someone consider purchasing a house thinking the market may worsen? How does one maximize their investment by buying at the right time?
In this article, we show the evolution of home prices in one of the hottest markets in the country: Austin, TX (and metropolitan area). These prices are based the last sale price reported for these properties on redfin.com. We believe that the trends in Austin can serve as a thermometer for the rest of the country due to high interest driven by the COVID-19 pandemic, which is shifting workers to home-offices[3], but in fact, prices are rising since before the pandemic.
Don't believe us? Let's look at the data. Some navigation hints:
- Select an year below the chart to see the median home sale price for each city (or unincorporated community).
- You can see the actual median by hovering your mouse over the bars in the chart.
- Note that some cities didn't have house sales reported in that year.
References:
[1]: How To Succeed As A First-Time Home Buyer In Today’s Market
[2]: Your 4 Most Important Financial Decisions: #1 – The House Purchase