In the past decade, every Texas metro area saw its home prices soar. But only one metro area watched its median home price break the $300,000 mark: Austin.
A new report from the Texas Association of Realtors reviews home-selling activity across the state during the previous 10 years (2011 through 2020).
The Austin area witnessed an 82 percent bump in the median home price from 2011 ($189,000) to 2020 ($343,914), the report shows. No other Texas metro reached the $300,000 level last year, but oil-rich Midland came the closest ($299,000).
By the way, Austin homebuyers didn’t experience the greatest sticker shock from 2011 to 2020. That dubious honor went to the north Texas area of Sherman-Denison, where the median home price jumped 130 percent from 2011 ($87,000) to 2020 ($200,000).
Even among Texas’ four major metro areas, Austin homebuyers didn’t see the biggest spike in home prices during the past decade. In Dallas-Fort Worth, the median home price skyrocketed 94 percent from 2011 ($149,900) to 2020 ($291,000).
The Houston area notched a more moderate increase, 68 percent, in the median home price from 2011 ($154,500) to 2020 ($260,000).
Among the state’s four major metros, San Antonio watched the median home price go up the least, 65 percent, from 2011 ($150,681) to 2020 ($249,000).
Three-fourths of homes sold around the state in the past decade were located in the Austin, Dallas-Fort Worth, Houston, and San Antonio metro areas, according to the report. Dallas-Fort Worth topped the list, with 923,528 homes sold from 2011 through 2020, followed by Houston (811,105), Austin (315,946), and San Antonio (292,322).
Across Texas, the median home price shot up 76 percent from 2011 ($146,988) to 2020 ($259,188), and more than 3 million homes were sold.
“We’ve had a dynamic real estate market in Texas over the past decade,” Marvin Jolly, chairman of the Texas Association of Realtors, says in an August 5 news release. “Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new-home technologies, and, of course, the pandemic.”