Austin-Round Rock has the best housing market for growth and stability, new study says
HOUSING MARKET REPORT
Despite concerns about housing prices and availability in the state, a new study deemed six major Texas metropolitan areas some of the best housing markets in the nation for their growth and stability. And the Texas Capitol city took the No. 1 spot.
In SmartAsset’s report, Austin-Round Rock earned its best housing market title due to its eye-watering 354 percent home price increase since 1998, which is vastly greater than any other area in the country.
Considering Austin’s population has just about doubled in the last two decades, the housing market’s skyrocketing growth was inevitable. The relocation of several tech companies to the city surely didn't hurt. Even Austin’s apartment construction has the highest growth rate in the nation.
Five other Texas metro areas also earned spots in the top 10 best housing markets, making it pretty clear why the Lone Star State has the sixth highest property tax rate in the U.S. Two west Texas markets, Midland and Odessa, ranked No. 2 and No. 7, respectively, with similar growth rates of 256 percent and 226 percent.
Dallas-Plano-Irving ranked just behind Odessa at No. 8 with a 213 percent growth rate. Home prices in Austin’s Hill Country neighbors San Antonio-New Braunfels have tripled since 1998, a 204 percent increase, earning them the No. 9 spot. Houston-The Woodlands-Sugar Land rounded out the top 10 with a 203.90 percent growth rate.
The top 10 best housing markets for growth and stability are:
- No. 1 – Austin-Round Rock
- No. 2 – Midland, Texas
- No. 3 – Boulder, Colorado
- No. 4 – Fort Collins, Colorado
- No. 5 – Kennewick-Richland, Washington
- No. 6 – Rapid City, South Dakota
- No. 7 – Odessa, Texas
- No. 8 – Dallas-Plano-Irving
- No. 9 – San Antonio-New Braunfels
- No. 10 – Houston-The Woodlands-Sugar Land
The report looked at home value data from 400 nationwide metro areas between 1998 and 2022. Overall, home prices have grown an average of 154 percent since 1998.
Other Texas housing markets that earned spots in the report include Waco (No. 13), Fort Worth-Arlington-Grapevine (No. 14), San Angelo (No. 15), College Station-Bryan (No. 18), Sherman-Denison (No. 19), and Abilene (No. 20).
In a similar analysis of the worst housing markets for growth and stability, 13 out of 20 on the list are located in Michigan and Ohio. No Texas cities appear on the list.
The full report can be found on smartasset.com.