Austin’s median home price surged 35% in May compared to the prior year, to a record high of $566,562, according to the Austin Board of Realtors. Total home sales were up 55%, to 1,270, compared to the prior year.
Experts say Austin’s boom, particularly during the pandemic, has been accelerated by Californians and Bay Area giants like Apple, Facebook, Google and Tesla that are all hiring in Austin. Last year, a record 22,114 jobs were added from companies relocating and expanding in the region, including at least 5,000 from Tesla in its new mega-factory rising just east of Austin, according to the Austin Chamber of Commerce. Palantir co-founder Joe Lonsdale, podcast host Joe Rogan and Tesla CEO Elon Musk all made the California-to-Texas move during the pandemic. That’s a lot of newcomers looking for homes.
“If the house is pretty attractive, we might see anywhere from 30 to 50 offers, and the Californians tend to win because they understand this game a lot better than the Texans,” said Ray Shapley, the Rubbiccos’ real estate broker and an Austin native. More than half of his clients are now from California.
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