Throughout the previous few decades, US property values have generally climbed gradually. But, certain cities—in particular Austin, Texas—have performed much better than others.
Austin is ranked first out of 400 cities in terms of average home price growth since 1998, according to a recent SmartAsset research. Home values increased on average by 154% across all metro regions from the first quarter of 1998 and the fourth quarter of 2022.
Nonetheless, over the last 25 years, real estate values in Austin have climbed by 354%. It is one of just eight cities where real estate values have increased by at least 300% over that time.
The remaining top 15 markets are largely sizable coastal cities in Florida and California, ranked by price growth.Austin, a thriving tech hub, was a migratory hub at the height of the epidemic, but real estate prices in the city have been continuously increasing for more than ten years. Following up is the small mountain town of Bend, Oregon, which is well-known for its proximity to outdoor pursuits like skiing and hiking. The city’s expanding population has made an already acute housing scarcity worse, driving increasing the cost of real estate.
During the height of the pandemic, Boise, Idaho, was a favorite migration destination, although like Austin, prices had been soaring for years before it gained the moniker “Zoomtown.” Despite a recent decline, real estate values in this market have increased by 306% over the past 25 years.
With eight of the top 15 cities for homes, California dominated the rankings overall.