Austin Real Estate Market Continuing to Pick Up (YoY)!
For those living in Austin, Texas, the economy is expanding and so is the real estate market. Progress over the last several years in most real estate markets around the country has been incremental, but the changes Austin's market are much steadier and more substantial in the City of Austin.
One of the most telling signs of a real estate market's reemergence is the trends in its home prices, and the median home prices in Austin have increased over the last year. For instance, looking at Austin's median home prices from December 2012 to December 2013, you'll see a growth of 4% - from $212,500 to $226,000 within those 12 months, which may be a sign of further improvements to come in the market. More and more, homes in Austin are being sold to the list price. With 98.4 percent of homes in December 2013 having been sold to list price.
Additionally, according to the ZipRealty Housing Trends Report, there was a 17 percent decrease in the number of homes that were on the market from 5,356 listings in December of 2012 to 4,462 listings in December of 2013. This year over year decrease in supply may indicate an increase in competition for home buyers.
Perhaps a more telling metric is the median number of days that houses in Austin have been staying on the market. In December 2012, the median number of days a home spent on the market was 42 days, whereas in December 2013, the median number of days on the market decreased to only 27 days, resulting in a 36% decrease in the total number of days. This push of homes through the market may be a reason for the previously mentioned decrease in total number of homes listed on the market.
With a real estate market that has been buzzing with activity and showing signs of potential. Now may be the right time to think about hopping into the market - whether it's to buy or sell a home.
For home buyers, keep in mind what you’re looking for, and where you are looking for it. There are many great neighborhoods around Austin, including many affordable areas that offer quality schools, accessibility to public transportation, and a bevy of other perks appealing to most prospective homeowners. From Tarrytown to Shady Hollow, and Hyde Park to Travis Heights, Austin certainly does not have a shortage of reputable, safe, and quaint neighborhoods. These neighborhoods among others in Central Austin and surrounding areas, offer many attractive amenities, like parks, restaurants, and entertainment to suit practically any potential resident. Another consideration is the listing price of Austin homes for sale in the area. There is definitely a broad range of home prices in the area. For instance, just within Northwest Hills of Austin, you may find houses that are listed at anywhere between $419,000 to $889,000. Regardless of your price range, the Austin is more than likely to have what you are looking for.
Whether you are buying or selling a home, an local real estate agent can be an invaluable resource that can help guide you throughout the process.