Homes bought in Austin younger than national average
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Austin-area homebuyers are snatching up much newer homes than other shoppers around the country, per a new report by Redfin.
Why it matters: The data reflects the trend of Austinites getting priced out and moving to the suburbs, home to newer and cheaper housing.
By the numbers: The median U.S. home bought last year was 36 years old — the oldest since at least 2012.
Yes, but: In greater Austin, the median sold home last year was eight years old — tied with two other cities (Boise, Idaho, and San Antonio) for second-youngest in the country.
- Newer homes were cheaper than older ones as well, with homes less than five years old (41.6% of homes sold) having a median price of $420,000 and homes more than 30 years old (20.7% of homes sold) having a median price of $475,000.
What they're saying: Austin is one of only four metros analyzed by Redfin — the others being Oxnard, San Jose and San Francisco, all in California — where the median price of an older home cost more last year than a home built in the past five years. That suggests older homes in the city's core still hold appeal for homebuyers who can afford them.
- "The only four listings I've had this year with multiple offers were older homes," Andrew Vallejo, an Austin-based Redfin agent, is quoted as saying in the report.
- "They had all been renovated and were in good proximity to the tech companies, bars and restaurants. We are experiencing a severe downturn in Austin, but older homes within the city's core ... are still moving fast when they are listed."
The big picture: The number of homes built across the country this decade is projected to remain historically low, even after construction picked up during the pandemic, particularly in the Sun Belt and Mountain West regions.
State of play: Home construction in Austin soared in the years around the pandemic, especially in booming suburbs like Buda, Kyle, Elgin, Dripping Springs and Hutto.
- But even here, the number of permits for apartment construction has slowed, and many parts of Central Texas still don't have enough inventory to meet demand.