Home Value Records

How much Austin home values are expected to rise in the next year

How much Austin home values are expected to rise in the next year

5866 Lakehurst Ave. in Dallas
Home values in Austin are expected to rise nearly 7 percent by this time next year. Photo courtesy of Dave Perry-Miller & Associates

Summer is typically considered a popular homebuying season, and if you listen to market trends, you might want to act fast if you're planning to dole out a down payment. 

According to the Zillow May Real Estate Market Report, Austin home values are already up more than 7 percent over this time last year, while the national average is 3 percent.

 Austin home values are already up more than 7 percent over this time last year. 

The national median home price is hovering at around $179,000, but the Austin market is currently projected at a steep $228,900. Home values in Austin are expected to rise 3.7 percent by May 2016.

Rent, too, is rising. The median cost to rent an apartment in Austin is now $1,686, which is a 5.6 percent increase from last year. In 20 of the 35 largest metro areas, rents continue to outpace home values, with the median cost rising 4.3 percent this year to $1,367.

Dallas and Houston are also seeing increases, but the title of current hottest market goes to Denver, with a 14.7 percent increase over last year. However, the Mile High City is only expected to grow 5.7 percent through May 2016.