Austin Real Estate Market Overview
Average Monthly Rent:
$1,369
Percentage Change in Home Price/Value:
6.20%
Median Home Value:
$370,700
Best Time To Sell Home:
November
Affordability Index:
152.6
Days To Sell House:
60.25
Job Market:
Strong
Public School Ranking:
33
Location and Weather
Austin long touted as a great place for music and foodies is the capital of Texas. It is located where the Colorado River crosses the Balcones Escarpment in the south-central part of the state. It is about 80 miles northeast of San Antonio, another vibrant Texas city.
The summers in Austin are hot with the high temperatures above 90 degrees and lows in the mid 70’s during the evenings. Late November through February is the cool season with high temperatures below 68 degrees and low temperatures in the low 40’s.
Population, Job Market and Cost of Living
Austin’s population in 2018 was 964,254 with a growth rate of 1.31%. The job market has increased by 3.5% over last year. The ten-year job growth is predicted to be 47%. Because Austin is the capitol, many state agencies are major employers in town. Nicknamed “Silicon Hills” in the 1990’s, Austin is one of the top places for venture capital investment in the U.S. Google recently expanded its downtown Austin office. University of Texas is also a major employer and one of the largest public universities in the U.S., with more than 24,000 faculty and staff members. With such a demand for housing, real estate in Austin is more expensive leading to a higher cost of living. Keller Williams real estate is a major company in Austin along with Harden Healthcare and Whole Foods Market.
With a thriving music and restaurant scene, warm climate, growing population and good job market with major U.S. employers, Austin will continue to attract those who want an urban lifestyle with a diverse culture.
