It's going up quite a bit (asking prices are up 6.2% y/y [1]), but it's still well within reach for most people in the tech industry.

The average house price is currently $213,600 [1]. It's considerably cheaper if you're willing to live in Pfluegerville or Round Rock and commute. Houses out East (where I live) are still fairly cheap and have a reasonable commute to downtown. People seem to miss that commuting East-West generally hits less traffic in Austin than commuting North-South…

If you have to live downtown or in one of the hot neighborhoods, you're obviously going to pay more for the privilege. If you're willing to be a little further out or live in a less desirable neighborhood, the housing prices in Austin are still pretty reasonable.

[1]: http://www.zillow.com/local-info/TX-Austin-home-value/r_1022...