Austin's home value growth soars to top of national rankings

AUSTIN (KXAN) — It's no secret that home prices have skyrocketed across the country since the onset of the coronavirus pandemic, with SmartAsset's findings reporting an average 17% growth in 2021 alone.

And here in Austin, those prices continue to climb well into 2022. The Austin Business Journal reported the city's median home price at just shy of $500,000 in February — nearly double January 2016's median sticker price, listed at just under $255,000.

Financial technology company SmartAsset conducted an analysis of 400 metro areas and housing markets to determine which regions are best for both home value growth and stability. From its findings, Austin led the way in home value increases, with the costs of homes in the Austin-Round Rock metropolitan area soaring 368% since 1997.

And Austin is not alone in representing the Lone Star State on national listings. Texas cities accounted for 50% of the top metro markets, with 10 metro areas represented among SmartAsset's Top 20. Home-buying expert Liz Hutz attributed this trend to Texas' increasing economic growth and job creation, with cities in both Texas and Colorado paving the way for "boomtown" developments under SmartAsset's findings.

In related "boomtown" trends, a March report from the Austin Chamber of Commerce found that the city has regained all of its pandemic-related job losses by May 2021. There are more than 58,000 jobs currently in Austin compared to February 2020 figures.

To read SmartAsset's full report, click here.