AUSTIN (Talk1370.com) -- More than 1,500 Austin-area homes sold for more than $100,000 over asking price so far this year, a sign that Austin's housing market continues to reign among the hottest in the country.
A new report released Friday by Redfin shows that 1,440 homes sold between $100,000 and $299,999 above their asking price. During the same period last year, only 20 homes sold for the same amount over asking price.
72 homes have sold for more than $300,000 above their asking price, compared with just two in the same timeframe last year.
In the month of April alone, nearly 74% of Austin homes sold above their asking price.
Local real estate agents say it's a very competitive market. "I recently sold a home that was listed at $565,000 and closed at $715,000. We received about a dozen offers--which is actually a low number by today's standards," Austin Redfin agent John Dawson said. "The winning buyer also waived appraisal and financing contingencies and dropped off cupcakes that matched the interior colors of the house, which was a nice touch because the seller is an artist and the home is unique and colorful."
Austin continues to be a destination market for people moving from elsewhere in the country, only becoming more popular since the pandemic began. According to Redfin data, roughly 39% of searches for Austin properties were from users outside the area in April, up from 32% the year before. The net inflow into Austin - the number of people looking to move in minus the number of people looking to leave - has doubled over the last year.
Local residents are also getting in on the market, looking to move into more spacious homes with bigger outdoor spaces. Locals are competing with out-of-towners for a limited supply of homes, and migrants' budgets are 32% higher, on average, than Austin locals: $855,000 versus $650,000.
