AUSTIN, Texas — Austin homebuyers are paying far more than many other homebuyers in the U.S., according to a recent study.
Homebuyers in the city are paying a whopping 67.7% more for homes than they would in a normal housing market, according to researchers at Florida Atlantic University and Florida International University. That makes Austin the second-most overpriced metropolitan city in the country.
By looking at housing data from Zillow and third-party housing data providers, researchers have found that the average home price in Austin has far surpassed the expected price and has continued climbing. The data shows that homebuyers in Austin started paying a premium on homes as far back as 2017 and it has only ballooned since then.
The most overpriced city in the U.S. is Boise City, Idaho, with homebuyers there paying 72.6% more than the expected price. Dallas-Fort Worth also made the list at No. 18 with San Antonio coming in at No. 45.
The climbing cost of homes in Austin continues as the Austin Board of Realtors reports that the median price of a home rose to a record $667,000 for the city. ABoR also said housing inventory in the area is increasing. In its May market report, ABoR reported that active listings skyrocketed 146% compared to just a year ago.
See the list of the top 100 housing markets in the country here.
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