Compass’ Alex Tapp on Austin’s red hot housing market

In today’s HousingWire Daily interview, Alex Tapp a top-producing real estate agent with Compass explains why Austin, Texas, dubbed the Silicon Hills, is now one of the most competitive housing markets in the nation.

During the interview, Tapp also explains what the uptick in competition means for Austin’s housing inventory and affordability.

Here is a small preview of the interview with Tapp. The transcript below has been lightly edited for length and clarity.

HW: This month, it was reported by the Austin Board of Realtors that Austin’s five-county metro area, including Travis, Williamson, Hays, Bastrop, and Caldwell, saw a 55% jump in sales volume equating to $1.77 Billion in purchasing volume. During this time, homes climbed 13% in median sales price, leaving the average home priced around $365,000. What factors are making the market so desirable?

Alex Tapp:  For as long as I’ve been here, Austin has always been desirable. A lot of companies have moved here just because Texas is very good for business in general.  Many of the businesses moving this way are tech companies that are bringing in a lot of employees. This is because while property taxes might be a little higher, there is no state income tax, which is a huge draw for people. Additionally, the overall quality of life is driving factor. I think people just really enjoy the vibe this city brings. While it’s still relatively a small city, it has a lot for everyone as it has a community feel and different kinds of activities.

The Housing News podcast explores the most important topics happening in mortgage, real estate and fintech. Each week a new mortgage or real estate executive joins the show to add perspective to the top stories crossing HousingWire’s news desk. Hosted by Sarah Wheeler and produced by Alcynna Lloyd.