Are Austin Texas house prices on the rise?
If you’re considering moving to Austin, you’ll be pleased to know that for the second year in a row, this bustling capital city has earned U.S. News & World Report’s top spot for “Best Places to Live”. The job prospects, quality of life and affordability (in comparison to similar metros on the East and West coasts), are the top reasons why Austin has repeatedly earned this honor. If you’re interested in experiencing for yourself why this city is the best place to live, one of the top questions you’ll ask is, “how much are homes in Austin TX?”
Let’s take a closer look at Austin Texas house prices, what you can expect to pay and what you’ll get for the price.
How Much Can I Expect to Pay for a House in Austin TX?
If you’re buying a house in Austin, the average price you’ll be looking at for a four-bedroom, two-bathroom home is $369,509. While Austin is considered one of the most expensive housing markets in Texas, in comparison to other major cities, you get the proverbial, “more bang for your buck” with real estate in Austin. Central Texas’ home prices are far lower than the average list price of $1.62 million in San Francisco, $739,600 in Seattle, $629,100 in San Diego and $628,550 in Boston. In fact, according to a recent article published on the CNBC Money website, Austin is one of the top three cities where the job market is booming and home prices are still considered affordable.
As with any city, the type of home you buy, the area you buy it in and your needs will affect what you pay in terms of Austin Texas house prices. If you have some time before you move and want to keep up-to-date on median home prices, the Austin Board of Realtors® (ABOR) also publishes monthly updates on Austin Texas house prices.
What Does Austin Offer?
For those who want to relocate to Austin, Austin offers job opportunities (a must for job stability to pay a mortgage and other expenses), downtown nightlife, live music, plenty of outdoor activities, and diversity and culture. For those seeking an eco-friendly lifestyle, you’ll be pleased to know that Austin, and its surrounding area of Round Rock, recently took the top spot for America’s most environmentally-friendly city.
Many Austin TX neighborhoods boast plenty of bike lanes (meaning many are ditching their vehicles for two wheels), farmer’s markets, electric car plug-ins, parklands and buildings that are LEED-certified — which stands for Leadership in Energy and Environmental Design, and is a certification program focused primarily on new, commercial-building projects.
Another huge perk of living in Austin is the fact that Austinites’ pocketbooks benefit from no state income tax. If you want to dig deeper into the best neighborhoods in Austin than be sure to check out our guide on the best places to live in Austin.
If you’re considering moving your business to Austin, you’re in luck, because the cost of Austin TX commercial real estate is just as appealing.
If Austin Texas House Prices Are Too High, Check Out These Alternatives
Condos are a Great Option for More Affordable Home Prices in Austin
If budget is a concern, one way to make your Austin home search more affordable is by considering a condo. While Austin condos come with monthly association dues, this may actually add up to be a more attractive option for some, especially those who want to take advantage of luxurious amenities. If having a pool to lounge by during the hottest months or an on-site gym to work out in are must-haves, spreading the cost among other residents in a condo makes it possible to enjoy such luxurious and convenient amenities. When you own a single-family home, you bear the entire brunt of the cost of maintaining a pool and other expensive repairs such as replacing a roof.
Association fees in Austin vary widely depending on the amenities offered, the age of the condo and the number of units in the condo, whether there is a concierge, covered and/or gated parking, a security guard, elevators, etc. Take these into consideration when you’re evaluating monthly costs.
This hipster haven is not just for millennials and growing families. It recently ranked fourth on U.S. News & World Report’s “Best Places to Retire”. To get a spot on this list, Austin met the criteria for housing affordability, tax rates, healthcare quality and happiness of local residents.
Due to Austin’s affordability when compared to major metros for tech and business elsewhere in the country, the activity of the Austin real estate market and the subsequent Austin Texas house prices show little signs of slowing. Supply and demand dictates that Austin Texas house prices go up as demand goes up. If you’re ready to become an Austinite, our advice is to take the leap sooner rather than later. Buying a house or condo now could be a smart investment in the long run, especially as home prices in Austin continue to rise.
Homes for Rent and Austin Apartments
If purchasing a home or a condo isn’t in the cards right now, there are plenty of houses for rent in Austin TX. Renting can be a great way to get to know our city; it also allows you time to decide where you want to settle, when you’re ready to purchase. For those who enjoy a more compact lifestyle, there’s quite a few apartments for rent in Austin too.
Whatever you’re looking to do, our Austin real estate agency can help. We have a great team of Realtors®, who are all experienced in Austin home sales; we also know the best rental properties in Austin. We can answer all your questions about Austin Texas house prices, and work with your budget to help you fulfill your real estate needs. Contact our real estate agency today!