What $1Million Gets You in the Austin Housing Market

Posted by Grossman & Jones Group on Wednesday, October 30th, 2019 at 3:26pm.

Austin has a booming real estate market and it does not appear to be slowing down. With the growing market comes growing real estate prices. Austin is "leading the nation, in terms of population growth over the last eight years. Along with all of the population and economic growth comes higher home prices. So, what you get for that $1 million budget just isn’t as much as it used to be. You are losing about 1,000 square feet for that $1 million home just in the last five years," says Zillow Economist Kathryn Courselle. Home values in the U.S. have grown 40% and in comparison have grown over 60% in the Austin metro. While downtown Austin is seeing an invasion of condominiums valued at over $1 million, according to Zillow, 87% of the homes valued at around $1 million are single-family homes. Through Sept. 30 of 2019, there were 695 new listings of condos and single-family homes over $1 million, according to ABOR. The median square footage for these homes was 3,517. Click here to see the current homes for sale for $1M in Austin. The median price of a single-family home in the city of Austin rose 11.9% in September to $406,000 — an all-time high for any September on record, according Austin Board of Realtors. Check out these homes in Austin between $350,000 and $500,000.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com