This February brought an all-time high for median home price in Austin, coming in at nearly $500,000 – a 27 percent increase from the previous year. But while prices continue to climb, so does the viability of the market, and the value in its investment.
In a new report from online finance company Smart Asset, Austin takes the top spot among 400 U.S. metro areas in overall market growth and stability. In the previous two years, this ranking has gone to Midland, which placed at No. 3 this year. Of the report’s top 10 cities, more than half are in Texas.
With a 368 percent home price increase since 1997, Austin blew the No. 2 market (Boulder, CO, at 277 percent) out of the water. According to the report, the chances of a home in Austin depreciating more than 5 percent over the next decade are 0 percent (we like those odds).
At No. 3, Midland’s increase in home price in the last 25 years was 266 percent, and homes there showed a 1 percent chance of value loss. Houston ranked sixth, with a 221 percent price increase and 0 percent chance of depreciation.
Dallas-Plano-Irving landed at seventh, with a 228 percent price increase and 1 percent chance of value loss. Odessa, in eighth, saw a 247 percent price increase and odds of depreciation over the next decade stand at 4 percent. Lastly, in tenth place, San Angelo home prices increased by 214 percent and have a 0 percent chance of losing value in the next decade.
San Antonio-New Braunfels, Waco, Fort Worth and College Station-Bryan also made the top 20 list, at eleventh, twelfth, fifteenth and seventeenth. Ten total metro areas in the top 20 is a pretty clean sweep if you ask us!
As the nation’s economy bounces back from the pandemic, it’s exciting to see Texas at the forefront. What a time to be a Texan!