Austin Housing Market: Trends & Prices
Austin Real Estate Market Overview
(Last Updated – 03/2020)
Chances are you’ve heard a lot about Austin lately. This Southwestern hotspot is all the rage right now thanks to its hip art, music, and food scenes. Not to mention, the tech industry in Austin is booming which is attracting high-income earners to the city.
The big question you’re probably wondering: Is the average home price in Austin rising thanks to this tech boom? Possibly. Since last year, Austin home prices rose by 12.9% and they’ve been rising since 2012.
On average, 152 people migrate to Austin every single day. So it’s no surprise that Austin house prices are on the rise. We see the appeal of moving to the City of the Violet Crown (interesting nickname, right?).
Despite home prices rising in this area, they’re significantly lower than other popular cities like San Francisco or Los Angeles. And of course, we can’t forget about all the amazing Mexican and BBQ food that the city is famous for. And don’t worry, if health is top of mind, Whole Foods is headquartered downtown.
Overall Austin Market Trends
Welcome to Austin, where the housing market is booming and very competitive. Sellers should have no problem offloading their homes, but buyers need to be ready to compete.
Typically homes for sale receive one offer, sell for only 2% below list price, and go pending in just 27 days. If the home in question is in-demand, you can expect it to sell for list price and go pending in around 6 days.
$392,000
Avg. Home Price
$218
Avg. Price Per Sq. Ft
30 days
Avg. Time on Market
Austin Housing Market Forecast
There is no denying that house prices in Austin, Texas, are on the rise. The chart below illustrates the strong upswing that began in 2012. In 2019 alone, Austin home values have gone up 4.6%.
This trend isn’t expected to stop anytime soon. By the end of 2020 it is anticipated that home prices will rise another 2.7%.
Demographics of the Austin Market
Some consider Austin to be one of the most fun cities to live in (they took 11th place, if you’re curious!) and it’s pretty obvious why. Not only does the city house plenty of music festivals, art exhibits, and food fairs, but nature lovers will find what they need in this city too.
The nearby Zilker Nature Preserve and Lady Bird Lake offer amazing views and a chance to escape the city for an hour or two. Families and active singles will have plenty of ways to fill their weekends and make unforgettable memories in Austin.
Before making a move, though, it’s important to consider some of the key demographics of the Austin, Texas, real estate market.
Median Income: $71,543
Median Age: 33.6
College Educated: 50%
Homeowners: 44.8%
Married: 42%
Popular Austin Neighborhoods
Austin has become a pretty hip city as of late thanks to its burgeoning art and music scene. There are so many great neighborhoods to choose from that it can be difficult to narrow down your options to just one.
Have no fear, we’ve rounded up some important demographics about five of the biggest neighborhoods in Austin to make your research easier.
North Austin
If you like to walk to work or to run errands, then North Austin may be a good fit for you. This neighborhood isn’t the most pedestrian-friendly neighborhood in the city, but you’ll definitely have the option of walking to some of your favorite spots.
There are almost 100 restaurants, bars, and coffee shops to choose from in this neighborhood and most residents can walk to an average of one of these establishments in just five minutes.
Quick Facts
Population:
159,822
Median Age:
32
Housing Units:
65,286
Bike Score:
62
Walk Score:
52
Transit Score:
46
Average Household Income:
$70,818
North Austin Housing Market
The North Austin housing market is going places. Since 2019, average home prices have shot up by 14.8%. The houses sell quickly too. Many North Austin homes receive multiple offers and go pending in around 29 days. In-demand homes can go pending in just eight days.
Average Home Price
$325,000
Average Price Per Sqare Ft.
$191
Franklin Park
This is a primarily residential neighborhood known for having affordable housing options and some commercial buildings. The close proximity to Downtown and the University of Texas will surely be appealing to students.
A large state park borders the eastern side of this neighborhood and offers plenty of hiking, camping, fishing, and other outdoor activities to residents.
Quick Facts
Population:
48,432
Median Age:
29.3
Housing Units:
15,236
Bike Score:
44
Walk Score:
38
Transit Score:
38
Average Household Income:
$56,406
Franklin Park Housing Market
If you’re looking to score a deal, then Franklin Park may be the neighborhood for you. Homes typically sell for 1% below the list price, but they do move quickly.
They go pending in about 13 days. It’s considered a “very competitive” market so if you find a home you love, don’t wait too long to make an offer.
Average Home Price
$222,000
Average Price Per Square Ft.
$180
West University
West University may be a “college town,” but anyone can enjoy the lively feel of this neighborhood. While it won’t be the most quiet neighborhood, there will be no shortage of fun events, great food, and school pride to keep your spirits up.
Quick Facts
Population:
33,075
Median Age:
21
Housing Units:
10,336
Bike Score:
94
Walk Score:
87
Transit Score:
63
Average Household Income:
$41,356
West University Housing Market
The real estate market in West University is becoming more competitive in 2020 with average home prices increasing since last year.
Typically, homes have been selling for 2.4% under list price in this neighborhood and stay on the market for around 47 days.
Average Home Price
$420,000
Average Price Per Square Ft.
$329
Windsor Park
This middle-class neighborhood is home to charming ranch-style homes that provide a classic Texas feel. This is a family-friendly neighborhood that has access to lots of parks and playgrounds. For parents who need to commute, rest easy knowing that Downtown is just 15 minutes away.
Quick Facts
Population:
33,170
Median Age:
33.7
Housing Units:
13,777
Bike Score:
67
Walk Score:
54
Transit Score:
42
Average Household Income:
$71,896
Windsor Park Housing Market
Those family-friendly vibes are apparently well sought after. The Windsor Park housing market is considered the “most competitive” by Redfin.
Houses for sale in Windsor Park generally receive multiple offers and sell for around list price. The real shocker is that they typically stay on the market for just five days.
Average Home Price
$349,000
Average Price Per Square Ft.
$295
Garrison Park
This quiet neighborhood is conveniently located near both major highways that serve the area, making commuting a breeze.
When you want to stay closer to home there are tons of stores and restaurants to choose from, including charming cafes.
Quick Facts
Population:
62,220
Median Age:
35.4
Housing Units:
27,367
Bike Score:
65
Walk Score:
48
Transit Score:
37
Average Household Income:
$72,944
Garrison Park Housing Market
This moderately competitive real estate market benefits both buyers and sellers. Some sellers can look forward to receiving multiple offers and only having their house on the market for around 42 days. Buyers, however, will enjoy most likely paying 2% below list price for their new home.
Average Home Price
$339,000
Average Price Per Square Ft.
$229
SoFi Home Loans
It’s easy to see why Austin has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Austin could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible. And don’t worry, there won’t be any hidden fees or prepayment penalties to worry about.
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