Austin was the place to be during the COVID-19 pandemic. Boasting warmer temperatures, lower cost of living and cheap rent and housing prices, millions of Americans fled expensive areas like California and New York for the reprieve of the up-and-coming Texas capital.This was good for sellers, who typically brought in significant profits compared to what they purchased their home for.
'The metro was attracting technology companies, both old and new, to have the appeal of the next Silicon Valley without those California real estate prices and population density,' Alan Chang, the founder and president of Vested Title & Escrow, told Newsweek. 'That only lasted a few months before real estate started to grow astronomically. I was seeing homes sell over more than twice the purchase price from 18 months prior.