Redfin’s report shows that high-end home prices jumped 14.3% year-over-year nationwide within the three months prior to April 30. In Austin, the same tier of homes jumped 24% in price, the most of any area in the country.
Redfin said this report was compiled by splitting homes into three buckets based on Redfin Estimates of the homes’ market values as of May 25. The “affordable” bucket contains homes that rank in the fifth-35th percentile in market value, the “mid-priced” bucket contains homes in the 35th-65th percentile and the “high-end” bucket contains homes estimated in the 65th-95th.
High-end home prices rose in all 50 of the most populous metro areas in the country. For Austin, median home prices are now $287,200 for affordable homes, $410,000 for mid-price homes and $635,000 for high-end homes.
In comparison, median home prices in the same tiers in Houston are $165,000 for affordable homes, $237,000 for mid-price homes and $370,000 for high-end homes.
Austin’s record jump in high-end home prices was followed by San Diego (18%), Miami (17.7%), West Palm Beach (17.6%) and Phoenix (17.2%).
Listings of available high-end homes in the nation also rose by 19.3% year-over-year during the three months ending April 30. This increase outpaced the 13.9% gain in affordable listings and a 9.1% increase in mid-priced listings.
Redfin said it’s important to note the updates in this report may be “somewhat exaggerated” due to pandemic stay-at-home orders halting home buying and selling in the past year.
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