The Austin real estate has always been robust. Historically, Austin has appreciated at 5-6% per year. Austin has boomed post-COVID and it's natural to be concerned that our pricing has become inflated. The easiest way to see if our pricing makes sense is to compare Austin to other metro areas in the US. When you compare Austin to other metro areas, it becomes relatively clear that we're still a bargain.
America's workforce has always been somewhat transient. Tech workers, in particular, frequently change employment for better salaries. Beyond tech, almost every employee weighs both the salary and cost of living when deciding to accept a new position. It's important to understand how Austin's home pricing compares to other metro areas. Consider the following questions?
Few would argue that San Diego and San Francisco are amazing cities with great quality of life. If Austin's home prices were close to San Diego or San Francisco, it would indicate that we're overheated and prices likely need to correct down.
In the past, Austin's home prices have been comparable to objectively less desirable cities (we won't name names.) Cities with much cooler job markets, much fewer activities, airports without great connections, etc... When this was the case, it was indicative that Austin's homes were mispriced and they did adjust upwards.
Internally, we watch Austin's comparative home prices to Denver and Portland are both really similar to Austin. Portland's job market isn't as attractive as Austin's, but Denver is very close. While we could all probably argue and campaign for one city over the other, when there are comparable job opportunities, it's really preference as to which city is the best for any particular person.
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