Austin Real Estate Market Trends
Whether you are shopping in downtown or looking to move to a popular community like Steiner Ranch, West Oak Hill or South River City, the city of Austin, Texas offers ample opportunities to invest in real estate in relaxing neighborhoods with numerous amenities. Home prices throughout Austin tend to be fairly affordable compared to other cities of similar size. In ZipRealty's latest press release, Austin was named one of the Top 10 Most Affordable Housing Markets. Austin is probably one fo the few cities where you can afford to buy a spacious home within a short drive asway from the city.
As you shop for your next Austin home or consider selling, looking into the Austin real estate market can help. Taking a close look at Austin home sales prices is essential before you start the home shopping process, ensuring that you get a fair price on the home you buy. Knowing current trends also helps you if you are selling, as it will help you price your home appropriately.
Sales Prices on the Upswing
At the end of February 2013 the median sales price for Austin-San Marcos homes was $249,900. This showed an increase of over 8 percent over the previous quarter. The year-on-year comparison showed a smaller 1.21 percent increase over the 2012 numbers. Over the past five years, prices have increased by 13.4 percent. March 2013 has also seen increasing home prices as well.
Asking prices are also on the rise in Austin. On March 25, the median asking price was nearly $270,000, which was a 1.1 percent increase over February and an 8.4 percent increase over the previous year. Interestingly, the number of home listings available in Austin on March 25 was down 13.4 percent over last year.
Rising prices and a smaller inventory mean that the Austin real estate market is slowly moving into more of a seller's market over a buyer's market. Those who have been waiting to list their properties may find that this is a good time to do so. Sellers are getting better prices and are seeing a higher demand because of the lowered inventory. This does not mean that buyers can't find bargains, however. The economic situation has left a number of distressed properties on the market, so you can still find many bargains in the Austin real estate market.
Get the Best Price with a Local Agent
Whether you are buying or selling property in Austin, the best way to ensure that you get the right price is to work with a local agent. A local agent will know the Austin real estate market and what the current price trends indicate. Whether you are looking to list your home strategically to get the highest possible price or are shopping for a bargain as a buyer, you will benefit from working with a local agent.
The Austin property market is seeing a slow upward swing this year. For buyers, this means the bargains are still out there, but they may be dwindling, so this is the best time to invest in a home. For sellers, Austin home sales prices are higher than they have been over the past five years, so this is the time to consider selling. Understanding these market trends will help make your choices more clear, regardless of which side of the transaction you are on.