Austin, the capital of Texas, is the 10th most populous city in the United States and is known as the “live music capital of the world”. The wide variety of events, outdoor activities, nightlife, shopping and more draw people to Austin. A recent increase in jobs and households has also sparked a bustling property market in this exciting big city.
Real Estate Market Trends in Austin
Median home price in Austin: $525,000
Austin’s real estate market has had a terrific few years, increasing home values by $235,000 since 2018. This market has also seen a 22.9% year-over-year increase and ends up with just 1 ,1 month supply of houses. Home values continue their upward trend, rising faster and higher than the national average.
Rental market in Austin
Austin median rent: $1,808
Austin rental vacancy: 7%
There was a 21.6% year-over-year increase in rental market rates, leaving Austin’s rental market just behind the national average of $1,904. Rent prices, however, have increased by nearly $500 since 2018. The rental vacancy rate is down 0.8% since this time last year, but still slightly above the national average of 5 .8%.
Related: How to buy your first rental property
Current real estate investments in Austin
There are currently 19 multi-family and residential income properties for sale in Austin listed on Loopnet.
The three hottest multi-family properties for sale in Austin right now are:
4605 Avenue A – The Sydney is a 40-unit building for sale for $9,000,000. Located in a very sought after area, the occupancy rate is currently 100%. Units are attractive and well-maintained in this low-rise building offered by W&D.
Tillery Street Residences – Located in East Austin in a rapidly growing community, 3 multi-family properties are available for $6,300,000. They are contemporary barn-style structures close to shopping and nightlife. The interior offers a functional style, while the exterior offers fenced yards and covered parking. Buy 1, 2 or all 3 duplexes through Austin Real Space.
400 Kenniston Drive – Highland Flats is a building of 24 apartments for sale for $4,750,000 located in the center of Austin and close to public transport. Renovations have recently been completed on this building and it is offered by Muskin Commercial.
Source of market data: Housing Tides