giminoshi

Some houses are getting 60 offers in 3 days. Houses are going for 20% over asking (that's pushing $80k over for very average houses).

This is because there's just nothing available. A healthy market has 6 months of product on the market. Austin has less than one month's worth.

Thankfully the city is full of new builders that are developing large swaths of land into new neighborhoods, but even they can't keep up with demand.

These new communities' waitlists are filled with hundreds of people, racing for the 5ish available lots that come out each month.

There are thousands of people moving here and only hundreds of houses.

It's a wild ride and it's hard to know if this will only continue, get worse, or slowly calm down.

Source: I'm among the masses, clamoring for a place in or around the city. I've lost on two contracts where I offered well above asking.