Condo value in Austin rose 28% between December 2020 and December 2021, according to a recent report.
Asher Price writes for Axios Austin to share new real estate market data from the Austin Board of Realtors that reveals a surprising trend: condo values are increasing faster than single-family detached home values in Austin.
Austin, which recently made headlines for quickly becoming the most expensive housing market outside of California, has seen the median value of a condo rise from $353,250 in December 2020 to $452,250 in December 2021, a 28% increase, reports Price. 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.
According to Price, the popularity of condos in Austin is driven by "dual-income, no kids" (DINK) couples, empty nesters from the Baby Boomer generation, and institutional investors.
More details of the who, what, where, and how of the Austin condo boom are included in the source article below.
Read the full story: Austin condos appreciating faster than single-family homes
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