Home National housing Austin home value growth tops national rankings

Austin home value growth tops national rankings

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AUSTIN (KXAN) — It’s no secret that home prices have skyrocketed across the country since the start of the coronavirus pandemic, with SmartAsset findings pointing to an average growth of 17% nothing only in 2021.

And here in Austin, those prices continue to climb through 2022. The Austin Business Journal reported the city’s median home price at just under $500,000 in February, nearly double the median price in the city. January 2016 sticker, listed at just under $255,000.

Financial technology company SmartAsset conducted an analysis of 400 metropolitan areas and housing markets to determine which regions are best for home value growth and stability. According to his findings, Austin has led the way in rising home values, with home costs in the Austin-Round Rock metropolitan area having climbed 368% since 1997.

And Austin isn’t the only one to represent the Lone Star State on national rosters. Texas cities accounted for 50% of major metropolitan markets, with 10 metropolitan areas represented in SmartAsset’s Top 20. Homebuying expert Liz Hutz attributed the trend to increased economic growth and job creation in Texas, with cities in Texas and Colorado leading the way. path for boomtown developments according to SmartAsset findings.

In related “boomtown” trends, a March report from the Austin Chamber of Commerce found that the city had recovered all of its pandemic-related job losses by May 2021. There are currently more than 58,000 jobs in Austin compared to February 2020 numbers.

To read SmartAsset’s full report, click here.