At least by one measure, the Austin-area housing market is 100-degrees-in-the-summer hot.
A study released August 24 by personal finance website WalletHub ranks Austin among the 10 most attractive real estate markets in the U.S.
To determine the most attractive real estate markets, WalletHub compared 300 cities across 18 key metrics. The data ranges from appreciation of median home price to job growth.
With an overall rank of No. 2 on WalletHub’s Best Places to Buy a House list, Austin also lands in the No. 1 spot in terms of large cities with hot real estate markets.
This may seem counterintuitive to Austinites who have witnessed the meteoric rise home prices in the past decade, but the city’s culture, climate, and industry continue to drive homebuyers to Austin.
According to the latest housing market figures for Austin, though the number of home sales dipped 9.9 percent in July versus the same time last year in the metro area, the median home sale price jumped 37.1 percent year over year to $480,000, a record high for the month of July, says the Austin Board of Realtors. Partially responsible is the Austin area’s dwindling housing inventory.
“2021 has represented a year of strengths in many financial areas. The stock market and bank account balances are up, while unemployment and interest rates are low. These factors represent ideal conditions for the housing market, and as long as we continue to see shortages in housing inventory, we should still see an ideal environment for housing growth,” Job Hammond, secretary-treasurer of ABoR and an adjunct professor at Austin Community College, tells WalletHub.
While Austin’s real estate market is certainly hot, it’s not the best place to purchase a home in the U.S. According to WalletHub, that honor goes to Frisco, in the Dallas area, which grabs the No. 1 spot.
Its placement atop the WalletHub ranking stems in large part from its eye-popping population growth. It was the fastest-growing large U.S. city from 2010 to 2019, according to the U.S. Census Bureau. And today, Frisco’s population exceeds 208,000, and it remains one of the most active cities in DFW in terms of home construction.
Other Texas markets to rank in the top 10 on the WalletHub list include McKinney at No. 4, Denton at No. 5, and Allen at No. 6.
Here are the 10 most attractive real estate markets in the country, as judged by WalletHub:
- Gilbert, Arizona
- Durham, North Carolina
- Reno, Nevada
- Roseville, California
- Nashville, Tennessee