Housing Prices are Rising Faster than Wages in Austin, But Maybe Not for Long
Austin home values are going up much faster than wages, according to a new report. But experts say it likely won’t continue that way for long.
If you own a home in the Austin-Rock Rock area, it's probably worth a lot more now than it was two years ago: Median home prices here have gone up by almost 23 percent over the last two years, according to RealtyTrac, a real estate data firm based in California.
While this is great for building equity, it’s equally not great for affordability. Even though wages are up in Austin on average, home prices are going up six times faster.
RealtyTrac's Daren Bloomquist says it's not sustainable.
"The sharp uptick in values we've seen over the past couple years is probably going to be coming to an end. It's going to be more of the slow, steady growth, that's actually probably more healthy,” Bloomquist says.
And it looks like it's already happening: The median home price in Austin has hovered near or below $245,000 since last May.