Austin Housing Market: Trends & Prices
Austin Real Estate Market Overview
(Last Updated – 4/2023)
Chances are you’ve heard a lot about Austin lately. This Southwestern hot spot is all the rage thanks to its hip art, music, and food scenes. And the tech industry in Austin is booming, which is attracting high earners to the city.
Is the market still overheated? Home values were rising steadily since 2015, and the pandemic surge elevated Austin to the second-most-overvalued market in the country in 2021 . However, the popular Austin housing market is slowly returning to a post-pandemic normal. Austin home prices in March 2023 were down 2.5% compared with the year before, according to Zillow.
Frothy or not, the City of the Violet Crown (so named because of the color of the sky at sunset) holds appeal. Since 2010, Austin has grown in population by 34%, according to the latest census data from 2021. In 2022, Austin was ranked No. 2 for fastest-growing cities in the U.S. Given the large migration, low housing inventory, and low interest rates, it’s no surprise that Austin home prices have risen so significantly.
Austin, with lower home prices than, say, San Francisco or Los Angeles, lures not only techies and music lovers but also foodies. If health is top of mind, Whole Foods is headquartered downtown.
Recommended: Local Housing Market Trends by CityOverall Austin Market Trends
Welcome to Austin, where sellers should have no problem offloading their homes, but buyers need to be ready to compete.
According to Redfin, some homes for sale in Austin receive multiple offers. Typical homes sell for 3% below list price and go pending in 56 days. Hot homes sell for around list price and go pending in around 28 days.
Recommended: Price-to-Rent Ratio in 50 Cities$535,000
Median Sale Price
$320
Avg. Price Per Square Ft.
59 days
Avg. Time on Market
Austin Housing Market Forecast
There is no denying that house prices in Austin have seen a significant increase in recent years. The chart below illustrates the upswing that began in 2015, with a steady decline since summer 2022.
As Tesla made its home in Gigafactory Texas, Austin has attracted more wealthy investors and more people looking to start or advance their careers to this booming tech hub.
Demographics of the Austin City Market
Some consider Austin to be one of the best places to live in the United States (the city took thirteenth place in a U.S. News analysis), and it’s pretty obvious why. Not only does the city offer music festivals, art exhibits, and food fairs, but nature lovers will find what they need 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 memories in Austin.
Before making a move and buying a home, though, consider some of the key demographics of the Austin real estate market.
Recommended: Home Ownership ResourcesMedian Income: $78,965
Median Age: 33.9
College Educated: 55.1%
Homeowners: 44.7%
Married: 43.4%
Popular Austin Neighborhoods
Austin has many great neighborhoods to choose from, but let’s shine a spotlight on five of the biggest.
North Austin
If you like to walk to work or run errands, 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, and most residents can walk to one of these establishments in just five minutes.
Quick Facts
Population:
173,011
Median Age:
33
Housing Units:
76,750
Bike Score:
61/100
Walk Score:
54/100
Transit Score:
45/100
Average Household Income:
$82,426
North Austin Housing Market
The North Austin housing market has cooled off since summer 2022. Since last year, average home prices dropped by 30.6% in March 2023. Some North Austin homes receive multiple offers and go pending in around 35 days. In-demand homes can go pending in 17 days.
Median Sale Price
$375,000
Average Price Per Square Ft.
$283
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 hiking, camping, fishing, and other outdoor activities.
Quick Facts
Population:
48,524
Median Age:
31.8
Housing Units:
17,791
Bike Score:
41/100
Walk Score:
40/100
Transit Score:
41/100
Average Household Income:
$79,728
Franklin Park Housing Market
You may score a deal in Franklin Park. Prices dropped 11.6% in March 2023 since last year, and homes typically sell for 3% below the list price. In-demand homes can sell for 1% above list price and go pending in about 25 days.
In-demand homes can sell for 5% above list price and go pending in about 41 days.
Median Sale Price
$380,000
Average Price Per Square Ft.
$271
West University
West University may be a college town, but anyone can enjoy the lively feel of this neighborhood. While the home of the University of Texas at Austin won’t be the most quiet neighborhood, there will be no shortage of fun events, great food, and school pride.
Quick Facts
Population:
32,506
Median Age:
21
Housing Units:
10,796
Bike Score:
94/100
Walk Score:
92/100
Transit Score:
65/100
Average Household Income:
$53,030
West University Housing Market
The real estate market in West University is considered somewhat competitive, as the median sale price rose 17.9% since last year.
Typically, homes have been selling for 3% under list price in this neighborhood and stay on the market for around 53 days.
Median Sale Price
$402,000
Average Price Per Square Ft.
$470
Windsor Park
This neighborhood is home to charming ranch-style homes that provide a classic Texas feel. The family-friendly neighborhood has access to lots of parks and playgrounds. For parents who need to commute, downtown is just 15 minutes away.
Quick Facts
Population:
36,114
Median Age:
35.4
Housing Units:
15,711
Bike Score:
66/100
Walk Score:
55/100
Transit Score:
45/100
Average Household Income:
$103,811
Windsor Park Housing Market
The Windsor Park housing market is considered only somewhat competitive by Redfin, so you have a good shot at finding a home here amid the family-friendly vibes. The median sale price was down 0.42% in March 2023 compared with that month the prior year.
Houses in Windsor Park sell for around 1% below list price, with some receiving multiple offers. The typical home goes pending in 58 days.
Median Sale Price
$598,000
Average Price Per Square Ft.
$369
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:
62,277
Median Age:
37.1
Housing Units:
29,985
Bike Score:
65/100
Walk Score:
53/100
Transit Score:
42/100
Average Household Income:
$92,262
Garrison Park Housing Market
In this moderately competitive real estate market, some sellers can look forward to receiving multiple offers, however they can expect their house to stay on the market for around 73 days. In March 2023, prices had dropped by 13.6% since last year.
Buyers should expect typical homes to go for around 4% below list price and popular homes to go for about list price.
Median Sale Price
$475,000
Average Price Per Square Ft.
$348
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 mortgage 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.
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