Impact of Austin’s Tech Boom on Property Values

If you’ve been keeping an eye on the property market in Austin, you’ll know that the state's tech boom is setting real estate gleaming like never before.

So, what’s the story behind Austin’s property value surge, and how is the tech boom responsible? Let’s dig in.

What's driving this tech force?

In case you haven’t noticed, Austin has become a second Silicon Valley. From Apple to Google, and let’s not forget Tesla, tech giants are making Austin their new playground.

According to the Austin Chamber of Commerce, over 58,000 tech jobs were created in the area between 2015 and 2020. That’s right, Austin isn’t just about live music and BBQ anymore; it’s now a tech powerhouse.

With all these high-paying jobs flooding the market, it's no surprise that the housing demand has exploded. Tech workers with sizable paychecks are snapping up properties, pushing prices to heights.

If you’re a homeowner in Austin right now, congratulations—you’ve hit the jackpot!

Increasing property values

So, how much have property values really climbed? Buckle up.

The Texas Real Estate Research Center reported that the median home price in Austin hit $500,000 in 2022, which is a whopping 30% increase from just a couple of years ago. For some perspective, the national average was around 13.5% during the same period.

So, yeah—Austin is outpacing the rest of the country by a mile.

And it's not just the inner city seeing this growth. Suburbs like Round Rock, Pflugerville, and Cedar Park are also experiencing major price hikes as more tech employees choose to live just outside the hustle and bustle of downtown.

How does this impact Houston?

You might be wondering, “What does this have to do with me if I want to sell my house fast in Houston?” Great question!

The tech boom is influencing real estate patterns across Texas. As people flood into Austin, those priced out of the market may start looking at other major cities—like Houston.

And guess what? Houston’s market is already heating up, albeit not as fast as Austin’s, but it’s on the rise.

Here’s why that matters: If you’re planning to sell your house in Houston, you could benefit from the ripple effect of Austin’s tech boom.

With Austin’s housing market at an all-time high, more buyers may look to Houston for affordable options, helping you sell your house faster than you might expect.

Quick Stats:

• 58,000 new tech jobs in Austin in the last 5 years.
• 30% increase in median home prices from 2020 to 2022.
• Austin’s median home price hit $500,000 in 2022.
  

Final Thoughts

Austin’s tech boom isn’t just good news for property owners there—it’s having a statewide impact. So, whether you’re riding the Austin wave or looking to sell your house fast in Houston, tech is transforming the Texas real estate landscape in more ways than one.

Stay tuned, because it looks like things are only getting hotter!