Sticker shock

New real estate report reveals jaw-dropping increase in Austin home prices

Out-of-state buyers are driving local home prices skyward.

Photo by Krisanapong Detraphiphat/Getty

A new report from real estate brokerage Redfin offers a stunning picture of just how crazy the Austin housing market has become.

The report, released May 19, shows that among the country’s 85 largest metro areas, Austin recorded the biggest year-over-year rise in April for median home-sale prices — a jaw-dropping 42.3 percent. In second place were Oxnard, California, and Miami, each at 25.8 percent.

“Austin’s housing market has been booming for several years now, and [Austin] has really become one of the major destinations for migration from high-earning individuals across the nation,” Daryl Fairweather, chief economist at Redfin, tells CultureMap.

“Many of our recent reports have shown that people are moving to Austin from major metropolitan areas like New York and the Bay Area, and relocating to states like Texas that offer lower taxes, lower housing prices, and more space for them and their families,” Fairweather adds. “This migration trend has caused many locals to be priced out and newcomers to have to deal with competitive bidding wars — often driving prices up even more.”

Elsewhere in Texas, Dallas saw a 19.9 percent year-over-year jump in median home-sale prices last month, with Houston at 16.8 percent, San Antonio at 14.6 percent, and Fort Worth at 14.3 percent, according to Redfin.

A further testament to Austin’s wild housing market: 73.7 percent of homes in the region sold above list price last month, Redfin says. Only Oakland and San Jose, California, and Tacoma, Washington, registered higher numbers in that category.

Here are April’s above-list-price figures for the other major metro markets in Texas:

Fort Worth, 52.8 percent.
San Antonio, 47.4 percent.
Dallas, 38.2 percent.
Houston, 28.6 percent.

reports

a luxury escape

$11.5M Houston-area estate by golf club designer hits the market

Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

Set amid tree-lined paths between two lakes, S Lazy S Ranch offers privacy, rustic living and modern conveniences.

Imagine acres of green vistas, tree-lined paths and the privacy that comes with a personal oasis. That’s S Lazy S Ranch, set on 80 acres at 8502 Stansberry Road in Wallis. It’s for sale for $11.5 million, listed by Rachel Hrncir with Martha Turner Sotheby’s International Realty.

Gated and fenced, this is a remarkable property meant for living, working, and entertaining, with exceptional indoor and outdoor spaces.

S Lazy S Ranch The L-shaped facade creates an enclosed front yard.Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

Designed in tandem by the seller and Houston architect Robert McKinney, a decorated amateur golfer who’s considered one of the top golf clubhouse designers in the United States, the home unfolds over more than 5,000 square feet and features a distinctive floor plan that maximizes its pond views and is flooded with natural light. From the rugged facade of San Saba stone to a host of contemporary conveniences, this is a space that offers elegant rustic living.

The kitchen features Viking appliances and is anchored by an island that seats five.Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

An open plan makes for seamless gathering spots, including the living room with its vaulted wood ceilings and lakeside views.Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

The interior’s spacious gathering areas provide opportunities for family relaxation and entertaining a crowd. The chef's kitchen has Viking appliances and is anchored by a large island with seating for five. An open plan provides seamless access to the dining room and living room, with vaulted wood ceilings and a huge stone fireplace.

The primary suite has double doors opening to a patio.Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

The master suite's spa-like bathroom has a jetted tub offering beautiful views.Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

A luxurious primary suite is a true retreat, with double glass doors opening to a covered patio, two walk-in closets, and a spa-like bath that boasts a jetted soaking tub set against huge windows offering beautiful views. The secondary bedrooms are designed as private suites, and a flexible bonus space can be a game room or other additional gathering spot.

Outdoors, find covered patios, an infinity-edge spa, outdoor kitchen, fire feature, two stocked ponds, and abundant wildlife.The barn includes four horse stalls, workshop, guest apartment, and equipment storage.

Waterfront views from the horizon spa.Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

With a location south of I-10 and less than an hour from Houston, S Lazy S Ranch is a space that feels deep in the heart of Texas, yet is so close to modern living.

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