AUSTIN, Texas — The Austin area has grown so much, and home values have increased to a point that your money can't buy you as much as it used to.
According to a new report published by the Inspection Support Network, a home inspection software company, the median sales price for a home in the U.S. is about $350,000 as of January 2021. That represents an $18,500 increase over the previous year.
On average in the U.S., that amount of money could buy you about a 1,800-square-foot home for the median price of $190 per square foot. But not in Austin. In the Capital City, that same $350,000 could buy you about a 1,100-square-foot home for the median price of $304 per square foot.
And while $350,000 may be the median sales price for the country, it isn't close to what we're seeing in our area. According to the Austin Board of REALTORS, we're starting to see the housing market stabilize a bit, with fewer instances of sellers getting dozens of offers over list price – but the prices are still high.
The median sales price for the five-county Austin metro region is $480,000. In Austin, the median home price is nearly $575,000.
Wondering where in the country will take your money the furthest? The Inspection Support Network study says southern and midwestern states like Arkansas (3,349 square feet), Indiana (3,167) and Oklahoma (3,049) will give you the most space for your money. Meanwhile, the states with the worst rations include Hawaii (644 square feet), California (798), New York (922) and Massachusetts (1,052).
However, homebuyers looking to buy a more spacious place in a Texas metro aren't completely out of luck – they just might have to look outside of Austin. The study shows that Fort Worth, San Antonio, Houston and El Paso offer more space for a lower median sales price.
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