Are homes appreciating in Austin?

One of the most asked questions in Real Estate is "If I buy in this area, will my home appreciate?" Naturally, I don't have a crystal ball to tell you what the next few years are going to look like, but I can share with you my experience and our history in the Austin area. 

Home appreciation and prices in the Greater Austin area have had fairly sure and steady growth curve for the past 20 years. The Texas A&M Real Estate Research Center reports that while we have had both growth years and flat years (no growth), around 1999 median home prices in the Austin area were in the low to mid $120k bracket. By 2003 median home prices had risen to the mid $150's and then median home price became flat for a couple of years. Pushing forward to 2008, median home prices were up to the high $180's. Prices during this current recession have leveled off, or even taken a small 1-2% hit overall, but Real Estate in Austin has generally held its value and appreciation has continued to move up and to the right over time. Because Austin was not a part of a big run-up and did not see the kinds of housing bubbles that many hard hit areas saw over the past 10 years, we seem to be one of the least hit areas from this current economic time (knock on wood).

Population growth. Austin is still growing. The census for the Austin/Round Rock MSA in 2007 shows the Greater Austin area to have a population of roughly 1.6 million people. The projection over the next 30 years is that Austin should grow by more than 2 million more people. This means that areas like Cedar Park, Leander, Georgetown, Pflugerville, South Austin, East Austin and the entire Greater Austin area is projected to double in its population. Austin is quickly coming into its own as a major metropolitan city. Austin is already recognized as the nation's hub for live music, a huge influence and center for High Tech research, development and sales, and as one of the tightest run large state governments in the nation. Great schools. Beautiful lakes and hill country views, and a place where people love living and raising their families.

If you research the "Top 10 Places to Live", you will find that Austin shows up on Top 10 lists from almost every major publication, virtually every year for the past 5 years. Whether the list criteria is money, family, jobs, cost of living, healthy living, housing, social groups, technology, education--you name it...you will find that Austin consistently shows up on your favorite publications' lists. If you would like "a list of the lists", or want to learn more about Austin, get in touch with me. I would be happy to help you learn more about our fair city.

You can contact me at: tim.thornton@ziprealty.com

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