Austin’s high-end home prices up 24% from 2020, biggest jump in the country

Austin

AUSTIN (KXAN) — As if the Austin housing market wasn’t hot enough, market analysis by online real estate brokerage Redfin shows high-dollar home prices are surging.

Redfin’s analysis showed while high-end home prices jumped 14.3% year-over-year nationwide within the three months prior to April 30, the same tier of homes in Austin spiked 24%, the most of any area in the country.

Austin’s record jump in high-end home prices was followed by San Diego (18%), Miami (17.7%), West Palm Beach (17.6%) and Phoenix (17.2%).

High-end home pries rose in all 50 most-populous metro areas in the country.

The tiers Redfin splits homes into — affordable, mid-priced and high-end — are equal-sized tiers and dependent on each respective housing market. For context, the median sales price of a home Redfin considers affordable in Austin is $287,200. For a mid-priced home, the median sales price is $410,000 and a high-end home’s median sales price comes in at $635,000.

In comparison, median home prices in the same tiers in Dallas are $200,000 for affordable homes, $294,000 for mid-prices home and $455,000 for high-end homes.

Here’s a chart provided by Redfin that shows the breakdown of home tiers in areas they surveryed:

Overall listings of high-end homes rose 19.3% year-over-year in the same timeframe, while affordable home listings rose 13.9% and mid-priced listings increased by 9.1%.

Redfin said it’s important to note that the changes in its report may be “somewhat exaggerated” due to pandemic stay-at-home orders halting home buying and selling.

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