Austin, the capital city of Texas, is the 10th most populous city in the U.S. and is known as the “Live Music Capital of the World”. The vast variety of events, outdoor activities, nightlife, shopping, and more draw people to Austin. A recent increase in employment and households has also triggered a bustling real estate market in this exciting big city.
Real Estate Market Trends in Austin
Austin median home price: $525,000
The Austin real estate market has had a great few years, increasing home values by $235,000 since 2018. This market has also seen a 22.9% year-over-year increase and is left with just a 1.1 month supply of homes. Home values are continuing on an upward trend, growing faster and higher than the national average.
Rental Market in Austin
Austin median rent: $1,808
Austin rental vacancy: 7%
There has been a 21.6% year-over-year increase in rental market rates, leaving Austin’s rental market trailing just behind the national average of $1,904. Rent prices have increased, however, by almost $500 since 2018. The rental vacancy rate is down 0.8% since this time last year, but still a bit higher than the national average of 5.8%.
Related: How to Buy Your First Rental Property
Current Real Estate Investments in Austin
There are currently 19 multifamily and residential income properties for sale in Austin listed on Loopnet.
The three most interesting multifamily properties for sale in Austin right now are:
4605 Avenue A - The Sydney is a 40-unit apartment building for sale for $9,000,000. Located in a highly sought-after neighborhood, occupancy is currently at 100%. The 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 near shopping and nightlife. Inside offers functional style, while outside offers fenced-in yards and covered parking. Purchase 1, 2, or all 3 duplexes through Austin Real Space.
400 Kenniston Drive - Highland Flats is a 24-unit apartment building for sale for $4,750,000 located in Central Austin and convenient to public transportation. Renovations have recently been completed on this building and it is being offered by Muskin Commercial.
Market data source: Housing Tides
More Real Estate News From Benzinga
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