Austin's home prices are rising. Austin's median home price jumped beyond $300,000 in the past decade and the area had an 82% jump in the median home price from 2011 ($189,000) to 2020 ($343,914).
In the past decade, 315,946 homes were sold in Austin. Amidst the price increases, Dallas-Fort Worth sold 923,528, followed by Houston (811,105) and San Antonio (292,322).
“We’ve had a dynamic real estate market in Texas over the past decade,” Marvin Jolly, chairman of the Texas Association of Realtors, told Culturemap Austin. “Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new-home technologies, and, of course, the pandemic.”
Austin is currently the only housing market in Texas with a median home price over $300,000, according to Culturemap Austin. Oil heavy Midland has the second highest median home price at $299,000. Seventy-five percent of all homes sold in Texas during the last decade were located Austin, Dallas, Fort Worth or San Antonio.
Many Texas metro areas saw significant increases in home prices over the last decade, the biggest being Dallas-Fort Worth, which had a 94% increase, according to Culturemap Austin, with an increase in price from $149,900 to $291,000. The Houston area also saw a 68% increase from $154,500 to $260,000 and San Antonio saw a 65% increase from $150,681 to $249,000, the smallest increase for a major metro area in the state. Over the entirety of Texas median home prices went up 76% over the past decade, from $150,681 to $249,000.
Overall in Texas, more than three million homes were sold over the past decade, generating $806.6 billion in revenues from the home sales. On average, homes in Texas spent 55 days on the market in 2020, a 41% decrease from the 93 average days spent on the market in 2011 10 years ago.