KVUE — The Austin housing market remains competitive, and as the days go on, house prices continue to rise. A recent report shows the number of local homes valued at more than $1 million has tripled in the last two years.
Data from real estate website Redfin shows that in Austin, the share of million-dollar homes in February 2020 was 3.9 percent; in February 2022, it reached 12.3 percent. The percentage of million-dollar homes in Austin is growing faster than in any other city in Texas.
President of Austin Board of Realtors Cord Shiflet says housing prices will continue to go up because supply isn't meeting demand.
"If I were to look back just two years ago, you know, homes that were [$600,000] or $700,000 homes are million-dollar homes today," says Shiflet. "So, we've just we've seen great appreciation over the past few years."
Despite the price hikes, the Central Texas market isn't slowing down.
"It used to be million-dollar homes would take a couple of months to sell," adds Shiflet. "Now, we're seeing them sell within about 30 days on average."
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