They say Austin is recession-proof, and a new real estate report backs up that sentiment. Online mortgage and loan resource center HSH.com reveals which metros have bounced back the most from the Great Recession — Austin leads the way.
Using data from the federal home price index from 1991 through the fourth quarter of 2015, HSH.com created a "home price recovery index." The data shows each market's pre-housing-crisis peak value, bottom value, and current housing value.
It should come as no surprise that Austin-Round Rock places in the No. 2 spot among the metro areas that have recovered the most since the recession. Our housing market has continued to increase dramatically over the past couple of years, and because of this, home prices in Austin are a whopping 44 percent above their pre-housing-crisis peak value. The current value is $390,070, compared to $270,780 before the recession. Only the Denver metro area has recovered more, at 45.29 percent.
Most of the metro areas in our great state have experienced major recovery. Houston-The Woodlands-Sugar Land takes the No. 3 spot, where home prices are 43.7 percent higher than the pre-recession peak. Dallas-Plano-Irving takes the No. 5 spot, and Fort Worth-Arlington follows at No. 6. San Antonio was bumped from the top 10 by Honolulu and Oklahoma City.
To understand what these numbers mean for home prices, HSH.com offers a “home value estimator,” which allows homeowners to see how the price change in Austin has affected the value of their home. And, as you may have already guessed, if you own property in Austin, you can expect to see big numbers that indicate a great return on your investment.