Austin on track to be the least affordable metro for homebuyers outside of CA

[austin-steve]

I can't read the article behind the firewall, but responding to some comments:

"Affordability" is not the same as "price". Many tech cities in the same consideration pool as Austin (see attached) are "pricier". But Affordability is a computation measuring the relationship of median salary to median home price. By that measure, Austin has leaped forward quite a bit the past decade, and especially the past 12 months.

Austin now belongs to a different "category" of city. It will continue to attract high net worth people and employers who hire them. Those newbies generally are not price sensitive to Austin's values.

The majority of Austin buyers remain people coming from another part of Texas, or relocating from another area of Austin. Californians make up about 8% of inbound relocation though, which is still a lot.



Historically, a home in Texas doubles in value every 15 years (at 4.5% annual appreciation) The current rate of appreciation is not sustainable, but once it does normalize, it will be at a highly stepped up value that will not recede.

Austin's anti-growth crowd, whose boots Austin City Council licks, are largely to blame for the regulatory headwinds that cause inventory shortages as well as clogged roads.

[R1070]

When you have to pay to read the article about Austin being too expensive... lol

[ipott]

And one more today in the WSJ - https://www.wsj.com/articles/austins...om-11638377574 though this is about luxury housing.


One can only hope all this coverage will dent the influx a little bit

[ashbeeigh]

Originally Posted by ipott

And one more today in the WSJ - https://www.wsj.com/articles/austins...om-11638377574 though this is about luxury housing.


One can only hope all this coverage will dent the influx a little bit

Can't read that one either.

[lndigo]

let us not forget that our property taxes substantially raise mortgages even higher relative to most other states

[Austin97]

Originally Posted by ashbeeigh

Can't read that one either.

if you have a library card you can read the WSJ online

[ashbeeigh]

Originally Posted by Austin97

if you have a library card you can read the WSJ online

I just like spending money on books I’ll never read.

[wilberry]

Since 2010, the median household income has jumped from $55,744 to $80,954, ( Austin ) one article States
In October 2021, Austin home prices were up 20.9% compared to last year, selling for a median price of _ every article has a different Median from $550K in June to $465 K in Oct which would bring it to ?
The Median List price in Hutto and Kyle are below 400K
Westlake and Rollingwood Median list price is over 2 million.
Austin and the surrounding area
$570,000
Med. List Price
$465 K
Median sales price
In 2020 :
the median home price in small- and medium-size metropolitan areas rose by jaw-dropping levels: Boise, Idaho, 46 percent; Phoenix, 36 percent; Austin, 35 percent; Salt Lake City, 33 percent; Sacramento, 28 percent.

with all the overbidding going on what is the average sales price ? has it come down since last June ?

[austin-steve]

Originally Posted by Austin97

if you have a library card you can read the WSJ online

I tried that the other day and wasn't able to figure it out. Only that I could put a paper version on hold to come in and read.

Do you do it from a web browser at libraray.austintexas.gov? Or through a 3rd party app.

Steve

[austin-steve]

Originally Posted by wilberry

...
with all the overbidding going on what is the average sales price ? has it come down since last June ?

No, average sales price in Austin has not dropped and probably won't, unless a catastrophic macro-economic event happens that tanks the world economy. In which case it will all be relative.

But even in 2008 Austin only experienced what I'd call a mild 3 year "dip" or leveling off.

In 2001 Austin leveled out for about 3-4 years following the dot com bust, then boomed again until the 2008-2011 breather.

In 1986 it was a true cratering of the Austin market, and Texas in general due to the confluence of Reagan tax law changes, S&L Crisis, and the Texas Oil Bust. But by 1992 Californians started coming, and tech becan emerging, so it was a decade of appreciation until dot com cause a burp.

Point being, Austin seems resilient to pricing stress because, thus far, no matter how crazy escalating prices seem to those of us already here, we look cheap to people coming from higher priced markets, and it is those people who win multiple offer situations, until locals get the memo after losing out 8 times and start jumping that high as well. Or changing location to an outskirt area.