Austin condos appreciating faster than single-family homes
The American dream might be a home with a picket fence, but in booming Austin condos are a hot commodity.
- The median value of a condominium in Austin went from $353,250 in December 2020 to $452,250 in December 2021, a 28% increase, per data from the Austin Board of Realtors.
- By comparison: The median value of a single-family Austin home increased over the same period from $510,000 to $599,000, a 17.4% increase.
The big picture: Often architecturally stunning, the soaring, shiny condo projects around downtown Austin sometimes look make-believe, another manifestation of the wealth flowing through the city.
Who lives there: So called DINKS — dual-income, no-kids — downsizing empty nesters and investors are driving the market.
What they're saying: Condos require less maintenance and are often pretty cool spots to live.
"Your weekends won't be spent on yard work and instead on fun pursuits like going to the movies or hanging out by the pool," Austin real estate agent Lilly Rockwell writes in her latest newsletter. "It's also easier to get to know your neighbors and build a community."
- "For out-of-town investors, condos are an appealing option because they tend to be more turnkey and require less attention," she adds.
- Also, many condos come with pools and gyms that are not available at many single-family home communities — and doormen offer extra security.
- "Lastly, condos are typically built in really walkable areas, so living in a condo means restaurants and retail at your fingertips," Rockwell writes.
Yes, but: Condos come with homeowners association dues, sometimes up to thousands of dollars a month, to cover building maintenance and building employee salaries.
- And speaking of HOAs, living in a condo typically means less freedom to maintain or upgrade your abode how you like.
Of note: The condo rush is definitely not just a downtown phenomenon.
Last year, The Station at St. Elmo condos in South Austin were famous for selling out in less than five hours.
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