Condos are a hot commodity in Austin — and the rest of Texas — says a new report from the Texas Association of Realtors.
The recently released Texas Condos Sales Report shows that condo and townhome sales in Texas exceeded $5.4 billion between August 2016 and July 2017. Individually, condo sales saw an 8.6 percent increase, while townhomes saw a 5.1 percent increase during the time period.
“The Texas condominium market has been one of the fastest-growing segments of the housing market this year,” says Vicki Fullerton, chairman of the Texas Association of Realtors, in a release. “These property types are increasingly preferred among many Texas homebuyers, as they often are less expensive to purchase; require less upkeep; and provide closer access to their work, schools, and essential services.”
In the Austin metro area, condo sales are hot, hot, hot. From August 2016 to July 2017, sales increased 13.2 percent, to 3,302 sales. The sales dollar volume grew almost 20 percent, to just over $1 billion, accounting for nearly one-third of statewide condo sales dollars — the highest in the state.
While townhome sales in the Austin metro grew by 7.9 percent, the area had the lowest sales volume among metros studied. The Houston metro had the highest sales dollar volume for townhomes: over $934 million, about one-third of Texas' townhome sales dollars.
Like single-family home prices, condo and townhome prices are on the rise in Texas, but they remain an affordable option. In July 2017, the median price of a Texas condo reached $179,900, while the median townhome price hit $226,675.
Austin has the highest median condo price in the state, at $255,000. In Houston, a condo goes for $135,000, while in Dallas-Fort Worth it will cost you $185,000. San Antonio is a steal at $123,700.
The median price for an Austin townhome actually declined 4 percent, to $235,000 in July 2017. That's lower than Dallas ($265,000) and Houston ($237,900), but well above San Antonio ($140,000).