Austin, TX- Over the past few years, Austin home prices have increased significantly, as have apartment rents, but some experts think a change is about to occur.
According to experts, Austin is the nation’s top market for apartment demand, and this demand is leading to an increase in apartment prices. The average cost of a two-bedroom home has increased by about 11–12 percent in the past year, to about $1,800.
In addition to the rapidly growing population, experts claim that rising property taxes, skyrocketing insurance costs, problems with the supply chain, and inflation are all factors in rent increases.
With new buildings opening week after week and even more on the way, experts say there is a small area of hope.
Many experts are predicting a shift from historic highs and a switch from a sellers’ to a buyers’ market for those looking to buy a home.
Btw for those saying housing bills don’t work, Houston is a great case study. We MUST avoid austin becoming like SF, where the original population can’t afford to live there anymore due to the tech boom. https://t.co/1SeSzYMUwp— 𝔊𝔯𝔦𝔪𝔢𝔰 (@Grimezsz) September 27, 2022
According to Knock.com, the market in Austin, which also includes Round Rock and Georgetown, currently favors sellers but will switch to favoring buyers by July 2023. The lowest sale-to-list ratio is anticipated in Austin, which means it is more likely that sellers will accept a lower price than they originally listed their homes for.
In Austin, the anticipated median sale price is $594,893 and the anticipated median days on market is 21.