In 2004, the median home sales price in greater Austin for a single family home was $158,000. In comparison, the median home sales price in the greater Austin area in 2017 was $299,000. Overall, the median home sales price has increased almost every year in the past 14 years. In 2008-2009, the median sales price dropped 1.04%, and in 2010-2011, it remained the same at $195,000. This was during the largest housing market collapse in the US history. Austin was impacted very little in the grand scheme of things. On average, between 2004-2017 the median single family home sales price in the greater Austin area increased 5.09% annually.
I should mention that this data is all from single family home sales in the entire greater Austin area. If you are looking at home sales in only the city limits of Austin, you will see a slightly different but similar picture. In the City of Austin, the median home sales price has increased every year by at least 5% in every year except 2009 (when it dropped 3%) and 2011 when it only increased 1%. Overall, in the past 14 years, the median home price in the city of Austin has increased 6% each year on average.
So what does this data really mean?
The Austin real estate market is strong whether you are buying in the city limits or in the suburbs. While this data is from single-family home sales, similar trends are seen when looking at the data from condo, townhome, and attached ½ duplex sales. If you currently own a home in Austin, your home has most-likely appreciated nicely. If you’re curious what your home is worth now, click here for a free no-pressure home valuation. If you’re considering buying, your money today will likely go further than it will in the future, and look at those appreciation rates! Let your money start working for you rather than throwing it away renting. You can search all homes for sale in the greater Austin area here, or contact me today, and I can show you the best Austin properties for your needs.
All data provided was derived from the Austin Board of REALTORS MLS.