Watch out Triangle home buyers: Apple sent housing prices soaring in Texas

That’s already happening in Austin, Texas, where Apple and other tech companies are expanding.

Property values have jumped 30 percent in the Austin area in the last year alone. With Apple, Tesla, Oracle and other companies expanding, realtors said there are no signs of the market slowing down.

Ryan Ford, who moved from Raleigh to Austin, bought a three-bedroom, two-bathroom house in Round Rock, about 20 miles from downtown, for $235,000 last fall after losing multiple bidding wars.

“We feel very lucky and very blessed that we were able to get the house when we did because, if it was now, I don’t think we would,” said Ford, who noted that the house has appreciated by about $100,000 in six months.

Housing demand is even higher 10 miles away, near an Apple campus that’s under construction.

“There was a house that came on the market close to the Apple campus on New Year’s Day," realtor Wade Giles said. "Within 24 hours, they had 97 offers on the property.”

Since Apple’s announcement in 2018 that it would put a major operation in Texas' capital city, the median price of a home in the Austin area has skyrocketed to $425,000, an all-time high.

By comparison, the average home price in Raleigh is $327,700, according to online real estate site Zillow. The average price has increased 12 percent in the past year.

“We knew the Austin housing market was hot, but we didn’t know how hot and how ridiculous it was for buyers," said Heather Hughes, who recently bought a townhouse listed at $250,000 for $300,000.

“That's not surprising whatsoever," Giles said of someone paying $50,000 over the asking price. "We are seeing homes in the $300,000s sell for $450,000.”

Homes are selling in just days with little to no negotiation, he said.

“It’s blind bidding. You maybe even end up bidding against yourself,” Hughes said.

She said she put 20 percent down on her townhouse with a pre-approved loan, waived her appraisal and closed in less than a month. She said paying extra was worth it.

“I think the housing market in Austin is only going up," she said. "Tesla is not there yet. Oracle has moved there. There’s more tech companies coming.”

As for the Apple campus coming to the Triangle, Giles said it’s a good time to buy nearby.

“If you own in that area, I’d probably hold onto it a little while longer until things get closer with the campus because I think you’ll make a huge return,” he said.