2015 marks a record year for the Austin real estate market, according the latest reports released from the Austin Board of Realtors. The year-end report confirmed what industry professionals were experiencing day to day: an increase in demand and a climbing market that’s a direct result of a robust economy.
Numbers on the Rise
Totaling in at 5 consecutive record breaking years, the Austin market saw 29,068 single family residences sold. Over all, the market has been growing at an astonishing rate. December was a particularly remarkable month, given that it’s typically a slower time of the year, with the total numbers inching up to 2,390 homes sold—a five percent increase from 2014.
More homes sold at higher prices than ever last year, and experts are projecting that this wave will continue into 2016.
The skyrocketing home demand goes hand in hand with population growth and increasing job opportunities, and the newest Austinites are eager to find their abode within the city limits. While inventory remains on the low side, this need could bring about initiatives to boost new construction efforts in the city. As well, there tends to be a fresh set of listings hitting the market daily that will keep home hunters busy!
Overall, it’s an exciting time to move to the city and invest in the Austin lifestyle. If you’re first time home buyer or looking to sell your home, let us know!