AUSTIN, Texas — The U.S. housing market is booming, and the Austin metro area is one of the markets seeing major growth.
According to a new analysis by Zillow, the U.S. housing market gained nearly $2.5 trillion in value in 2020 – the most in a single year since 2005, before the 2008 housing crisis. The full stock of U.S. housing is now worth $36.2 trillion, and Zillow said this year is expected to be even stronger with heavy buyer demand pushing prices higher.
The analysis shows the Austin-Round Rock metro area is seeing major numbers on a local level. The analysis states the market gained $27 billion in 2020, and homes are now worth a total of $264 billion. That makes Austin the 24th most valuable market out of the 50 largest U.S. metros, according to Zillow.
Since 2011, Zillow found the value of the Austin-Round Rock housing market has grown by $152 billion.
California homes make up more than a fifth of the country's housing value and are worth more than the homes in the next three most-valuable states (New York, Florida and Texas) combined. Texas's total housing market value is $2.1 trillion.
These new numbers from Zillow are the most recent in a stream of headlines about Austin's booming housing market. Earlier this month, the Austin Board of Realtors reported a record-breaking number of homes were sold last year, the median home price is on the rise and homes are on the market for less time than they used to be.
Just days before KVUE published that story, Zillow reported Austin is expected to be the No. 1 housing market in 2021 – the second year in a row the area would claim the top spot in Zillow's housing market survey.
A few weeks before that, KVUE reported on the boom in luxury home sales in Austin. According to the latest Texas Luxury Home Sales Report, sales of homes worth $1 million or more increased nearly 24%, outpacing every other major Texas city.
For more KVUE coverage of Austin's growth, visit kvue.com/boomtown2040.
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