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I think that would be an obvious sign that either the methodology used or the terminology used is incredibly off.
Basically, it's a look at home price increases over what they would 'normally' be. Austin's home prices in essence have risen by nearly 60 percent and are showing no sign of slowing down. According to the National Association of Realtors' latest numbers, Austin is no longer competitive as far as housing prices vs other markets in TX and really anywhere in the South.
Median Home Price, Q2 2021
$571,500 Washington DC MSA
$564,100 New York MSA
$545,600 Portland MSA $515,100 Austin MSA
$510,000 Riverside MSA
$505,000 Sacramento MSA
$485,100 Salt Lake City MSA
$485,000 Miami MSA
$408,700 Phoenix MSA
$393,100 Raleigh MSA
$390,000 Las Vegas MSA
$352,600 Charlotte MSA
$349,400 Nashville MSA
$348,600 Chicago MSA
$338,700 Dallas MSA
$315,000 Atlanta MSA
$307,200 Houston MSA
$286,600 San Antonio MSA
Austin is now more expensive than Miami and is closing in fast on New York's median home price.
Austin is now more or less on par with the Inland Empire and Sacramento.
I can see how Nashville might look real good vs Austin from the viewpoint of the homebuying demographic that is often seen as who is moving to and buying in Austin.
Basically, it's a look at home price increases over what they would 'normally' be. Austin's home prices in essence have risen by nearly 60 percent and are showing no sign of slowing down. According to the National Association of Realtors' latest numbers, Austin is no longer competitive as far as housing prices vs other markets in TX and really anywhere in the South.
Median Home Price, Q2 2021
$571,500 Washington DC MSA
$564,100 New York MSA
$545,600 Portland MSA $515,100 Austin MSA
$510,000 Riverside MSA
$505,000 Sacramento MSA
$485,100 Salt Lake City MSA
$485,000 Miami MSA
$408,700 Phoenix MSA
$393,100 Raleigh MSA
$390,000 Las Vegas MSA
$352,600 Charlotte MSA
$349,400 Nashville MSA
$348,600 Chicago MSA
$338,700 Dallas MSA
$315,000 Atlanta MSA
$307,200 Houston MSA
$286,600 San Antonio MSA
Austin is now more expensive than Miami and is closing in fast on New York's median home price.
Austin is now more or less on par with the Inland Empire and Sacramento.
I can see how Nashville might look real good vs Austin from the viewpoint of the homebuying demographic that is often seen as who is moving to and buying in Austin.
Curious about the data. Is it a 1 br vs 3 br for NYC vs Austin? And yes, Austin has always been the most expensive place in the south. Common knowledge no?
Curious about the data. Is it a 1 br vs 3 br for NYC vs Austin? And yes, Austin has always been the most expensive place in the south. Common knowledge no?
It's not apples to apples at all. You still get WAY more house in Austin vs NY for similar prices.
Yea, and I'd be really surprised if that wasn't the case for Austin MSA versus San Jose MSA.
At least in that comparison we're talking similar builds, ie SFHs with comparable bedrooms etc. Not a lot of 3 brs in Manhattan, and not under a million bucks lol. Now, is the MSA including places like Yonkers or central Jersey?
Curious about the data. Is it a 1 br vs 3 br for NYC vs Austin? And yes, Austin has always been the most expensive place in the south. Common knowledge no?
NAR Metro Area data is specifically based 4bd/2bth homes.
At least in that comparison we're talking similar builds, ie SFHs with comparable bedrooms etc. Not a lot of 3 brs in Manhattan, and not under a million bucks lol. Now, is the MSA including places like Yonkers or central Jersey?
For example, there are many 4bd homes in Nassau County priced between$500k-$600k
What happens when Austin hits $700,000 and suddenly theyre at Seattle-level median prices? Just curious to see if folks think it will still be growing the way it is now?
Quote:
Median prices for Austin houses have risen some 40% over the last two years, with the median price for a house around $549,000 in September, according to real estate brokerage Redfin.
Frequent reports of out-of-state buyers, particularly Californians, purchasing houses in cash at double the asking price have frustrated many Austinites.Over the summer, nearly three in every four houses sold in the city went for above the asking price, Redfin data showed...
Basically, it's a look at home price increases over what they would 'normally' be. Austin's home prices in essence have risen by nearly 60 percent and are showing no sign of slowing down. According to the National Association of Realtors' latest numbers, Austin is no longer competitive as far as housing prices vs other markets in TX and really anywhere in the South.
Median Home Price, Q2 2021
$571,500 Washington DC MSA
$564,100 New York MSA
$545,600 Portland MSA $515,100 Austin MSA
$510,000 Riverside MSA
$505,000 Sacramento MSA
$485,100 Salt Lake City MSA
$485,000 Miami MSA
$408,700 Phoenix MSA
$393,100 Raleigh MSA
$390,000 Las Vegas MSA
$352,600 Charlotte MSA
$349,400 Nashville MSA
$348,600 Chicago MSA
$338,700 Dallas MSA
$315,000 Atlanta MSA
$307,200 Houston MSA
$286,600 San Antonio MSA
Austin is now more expensive than Miami and is closing in fast on New York's median home price.
Austin is now more or less on par with the Inland Empire and Sacramento.
I can see how Nashville might look real good vs Austin from the viewpoint of the homebuying demographic that is often seen as who is moving to and buying in Austin.
Can I get your source?
Nashville is expensive in the city and Franklin, tn. It's dirt cheap everywhere else.
Edit: found it. Nvm
Last edited by dontbelievehim; 10-28-2021 at 03:42 PM..
NAR Metro Area data is specifically based 4bd/2bth homes.
I’m sorry but this is still not apples to apples.
Those homes are ranging between 1,200 to 1,600sqft in Long Island New York with a 1.5 Hour commute into the city.
Similar homes in Austin metro in terms of distance (30 - 40 miles) will cost between 320 - 380k for the square footage and the commute will be approx 45 mins to an hour.
The home prices 500k - 600k 30 miles outside of Downtown will get you a 2.5 - 3k sqft home in Austin with comparable distances from that listing unless you want a home near the hills or lake.
A 3k sqft home in NYC (if it even exists) within 45 mins commute to 1 Hr of Manhattan is going to cost much more than $600k.
Quote:
Originally Posted by 18Montclair
What happens when Austin hits $700,000 and suddenly theyre at Seattle-level median prices? Just curious to see if folks think it will still be growing the way it is now?
Hopefully that doesn’t come to past but much of Austin’s RE market is being fueled by people moving in from more expensive metro’s. They are still getting more ‘house’ for their dollar. It will continue to grow. It will probably slow down some as people will consider that it’s not as ‘much’ of a bargain over their home state / city but $700k isn’t the ceiling of where feasibility and practicality are justified between moving out of the Bay Area, Seattle, ect.
Last edited by Need4Camaro; 10-28-2021 at 03:51 PM..
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