AUSTIN, TX – In January, the median selling price of a home in the Austin metro area rose 30% to $476,000.
As it becomes increasingly difficult to find housing in Austin, homebuilders are struggling to keep up with demand.
Greater Austin Home Builders Association President Scott Turner said with increased demand in the city, people need to look further outside the Austin city limits to find homes. .
“Austin’s unprecedented economic growth shows no signs of stopping, with new project announcements almost daily. While this is great for Austin in the long run, our ability to house people can’t keep up, people having to drive further outside the city limits to find a home they can afford,” Turner said.
Turner said while builders and buyers want new homes built as quickly as possible, the land development code in Austin is outdated and complicates the development pipeline.
“Ten years ago, Austin recognized that the land use code was insufficient to meet our growing housing needs. Today we still have the same problems and it takes longer than ever to navigate in the permitting process,” Scott said. “We need a new code that allows more housing to be built, and we need the city to make the necessary changes to issue permits in a timely manner. Until then, home prices will continue to rise. as they have done for the past decade.”
Despite the challenges in the housing market, Austin-area real estate agents are optimistic and eagerly awaiting what this year may bring.
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