Everyone in Austin has noticed the dramatic change in the real estate market over the past ten years since the recession. But did you know how dramatic the change was? New statistics from the National Association of Realtors shine a light on the appreciation of not only Austin, but the rest of the lone star state!
The U.S. median home sales price in 2016 was $236,000, 2% higher than in 2006. In fact, 31 of the 50 largest U.S. metros are back to pre-recession price levels. Austin, TX, has seen the largest price growth in the past decade: 63%. It’s followed by Denver, at 54%, and Dallas, at 52%. Nationwide, realtor.com data show that listing prices have been up by double digits for the majority of 2017.
A lot of Austin's growth is due to the local economies focus on tech industries, cost of living, stable state governmental jobs and the overall quality of life in the area. The growth in Austin's residential sector is seen across both downtown and into suburbia. There has been dramatic growth of both condos for sale in the downtown corridor along with major development happening in every direction as you head from the city corridor.
Graphic courtesy of realtor.com