A look at how the Austin-area housing market keeps sizzling

The Austin housing market might be as hot as ever.

A variety of combined circumstances have turned Austin and its surrounding area into an extreme sellers' market — a wave of people moving in from other parts of the country driving swift population growth; low mortgage interest rates; and a jump in the number of buyers who have transitioned to working from home during the coronavirus pandemic and are looking for more space.

The result has been a market where demand is far outpacing supply, which has sent housing prices to record levels.

Here's a look at the American-Statesman's ongoing coverage of the ebbs and flows of the Austin-area housing market. We will continue to update our coverage list throughout the summer months, but, as always, turn to statesman.com for new stories.

Buying a home in Austin 

No bubble fears Austin's white-hot housing continues to blaze, with the median sale prices for homes hitting all-time highs in March. Real estate experts say that even as demand soars, the region is showing no warning signs that it's experiencing a housing bubble that is at risk of bursting.

Supply can't keep up Home construction is booming at a rapid pace across the Austin region — but it's still not fast enough to keep up with torrid demand, builders and local housing market experts say.

Higher appraised values As Travis County homeowners get the 2021 property appraisal notices for their home over the coming weeks, they will confront the double-edged sword that is Austin's housing market. The values of properties are soaring — which can be great if you are selling your home or plan to in the near future.

Housing market in Austin's surrounding area 

Record home prices The Central Texas housing market has not only recovered since the coronavirus sent the economy into a tailspin last year, it has rebounded well beyond its pre-pandemic heights. In April, the number of home sales and median prices, in both the five-county Central Texas region and the city of Austin, saw soaring double-digit growth and — once again — set records, the board said. 

Hays values rising Appraisal notices have started going out to more than 105,000 property owners in fast-growing Hays County, whose housing market — like others across the Austin area —only continues to appreciate. 

Region's growth not slowing Gone are the days when Kyle was a quiet community just outside Austin, where cattle grazing on pastureland was a common sight. As Central Texas' population has surged, the city has turned into one of Austin's fastest-growing suburbs, with its population jumping from about 4,000 people 20 years ago to around 50,000 today.

Boom in Bastrop Much like in the surrounding area, home values in Bastrop County rose by 13.5% on average this year, according to a preliminary analysis by the Bastrop Central Appraisal District. 

Williamson values soar Williamson County's preliminary taxable property value has increased by 19% in the past year, which is the county's largest increase in more than 20 years.

Other Austin housing and growth news

Tiny home trend In the latest indication that the tiny home trend is gaining a foothold in Central Texas, a development that will offer 66 of the micro-units for rent is taking shape in South Austin.

Major real estate deal A 22-story building that has stood as a landmark on Congress Avenue and Cesar Chavez Street for more than three decades has a new owner. 

Boom strains market Tesla CEO Elon Musk has proclaimed that Austin — where his electric vehicle company is building a $1.1 billion manufacturing plant — is the nation's next "boomtown." But can Austin's housing market sustain the boom? 

Raising homestead exemptions Tax relief is likely coming to Austin homeowners in the form of a pair of increased homestead exemptions — but it's unclear if it will actually result in an out-of-pocket savings when tax bills arrive.

Area's population keeps rising The Austin metropolitan area continued to see widespread growth during the coronavirus pandemic in 2020, but growth in Travis County might be slowing, according to the latest estimates from the Census Bureau.

Source:  https://www.statesman.com/story/news/2021/06/10/latest-hot-austin-housing-market-stories-buying-austin-home-what-to-know/7525367002/

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