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.