The last decade has been an expensive one for Texans, with the median price of homes soaring 76% statewide. While every Texas metro area is going up in price, only one can be crowned most expensive: Austin.
A new report from the Texas Association of Realtors showed that houses in the Lone Star State have been increasing in demand from 2011-2020, especially in the capital city.
In the last decade, median home prices in the Austin-Round Rock metro shot up by 82%, starting at $189,000 in 2011 and closing out at $343,914 in 2020. Austin was the only metro area to break an average price of $300,000, though Midland came close at $299,000.
(Texas Real Estate)
Not only are you paying a premium for the luscious Hill Country location, but you're also paying more per square foot. Between 2011 and 2020, the price per square foot went up 78%, from $115 to $205.
And you'd better be quick to close—while you might have had time to mull it over in 2011, with an average of 84 days on the market, it was a different story in 2020, as homes only spent around 45 days on the market.
Although $109.1 billion worth of homes were sold in the Austin area in the last decade, the city actually didn't see the greatest price increase. The honor of biggest price jump goes to Dallas, where median prices rose by 94%, from $149,900 to $291,000.
Austin also didn't see as dramatic a jump as other areas of the state—Sherman residents, in North Texas, saw price increases across the board. Median home prices jumped 130%, from $87,000 to $200,000; price per square foot is up by 107%, from $58 to $121, and home sales are up by 123%.
Austin originalists rejoice—moving to Texas may have become trendy over the last ten years but in terms of the four largest metros in Texas, Austin fell second to last for the number of home sales. Dallas sold nearly a million homes over the last ten years, Houston sold 811,105, Austin sold only 315,946 and closing out the list, San Antonio sold 292,322.
If you're looking for a cheaper place to settle down, take a look at Wichita Falls. With a median home price of $145,000, the savings can't be beat.
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Giga Texas, the massive Tesla factory in southeast Travis County is getting even bigger.
The company filed with the city of Austin this week to expand its headquarters with a new 500,000-square-foot building. The permit application notes “GA 2 and 3 expansion,” which indicates the company will make two general assembly lines in the building.
More details about the plans for the building are unclear. The gigafactory has been focused on Model Y production since it opened in April, but the company is also aiming for Cybertruck production to kick off in mid-2023.
While there is room for expansion on the 3.3 square miles of land Tesla has, this move comes after CEO Elon Musk’s recent comments about the state of the economy and its impact on Tesla.
In a May interview with Tesla Owners Silicon Valley, Musk said the gigafactories in Berlin and Austin are “gigantic money furnaces” and said Giga Texas had manufactured only a small number of cars.
And in June, Musk sent a company wide email saying Tesla will be reducing salaried headcount by 10%, then later tweeted salaried headcount should be fairly flat.
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You’ll have to leave city limits if you’re looking for a proper ranch property like 417 Acres Shipp Lake Ranch, aptly named for its acreage. The property comes built out with three farmhouses, one of which has bedrooms and two bathrooms and two of which have two bedrooms and one bathroom. The nearly untouched property, which surrounds the 100-plus-acre Shipp Lake, has remained in the same family since the early 1900s and gives you picturesque views for the making of a dream home. In fact, the previous owners ran a water ski camp on the property.
Sitting waterside on Lake Austin, this home gives you the unique opportunity to own a piece of the lush Hill Country with views of Mount Bonnell. The 2,750-square foot, three-bedroom, four-bathroom house allows you to integrate indoor and outdoor life with large windows opening to an outdoor living area. The crown jewel is the .76-acre parcel of land that tapers off to your own lakeside resort, featuring an covered outdoor kitchen, fire pit, stone boat house to store your water sports supplies and veranda sitting at the mouth of the water, perfect for an entertainer.
Got dreams of becoming a real Texas rancher? 7814 Brown Cemetery Rd. is the perfect place to start with 40 rolling acres of land and its very own swimming hole. Just east of Austin in Manor, the modest-on-the-outside home clocks at 4,412 square feet with five bedrooms and five-and-a-half bathrooms, but there are an additional two living structures on the property. The horseshoe-shaped pond sits in the heart of the property and comes equipped with a water slide, diving board and a fishing dock.