It was an exciting year to be a part of Austin's flourishing real estate market. In one year, there were increases in the median price, housing inventory, and the total number of units sold over the previous year. These impressive trends show no sign of slowing down as we kick-off 2016.
A growing demand for homes means that Austinites are now paying some of the highest prices in the state on average to buy and rent in the area, but that hasn’t seemed to hinder the market here whatsoever. The median value of a home in Austin right now is $241,200 and rents are averaging around $1,683 per month for a single-family home. Now more than ever, it could be better to buy a home instead of renting in this robust and exciting real estate market.
What’s Driving Austin’s Real Estate Markets?
- Low unemployment
- High development
- Population growth
Commercial real estate also saw a considerable increase in 2015, as more high-profile companies look to Austin to expand their operations. With a growing number of diverse employment opportunities, the unemployment rate has dropped nearly 40% in the last two years alone, and people from all ages are looking to relocate to Austin from across the country to reap the rewards of its strong economy.
What Does This Mean For Austin Homebuyers In 2016?
It’s an exciting time to be thinking about buying a home in Austin. There is a tremendous amount of development and new-construction homes happening throughout the Texas capital region, which has helped to create a very robust marketplace for nearly every homebuyer. There is roughly 2.5 months of inventory, resulting in slightly fewer options for buyers to choose from than there have been in previous years, but so much turnover means that the market will always have something new.
There are a few mixed opinions in the industry about how millennials (those who are 25-34 years old) will influence the real estate market this year. While it’s thought that the average age of first-time homebuyers will likely increase throughout the country, that statement might not hold true in areas like Austin where there’s such a strong economy, and especially jobs for young adults and recent graduates. According to Realtor.com, millenials will account for an astounding amount of home purchases in 2016 thanks in large part to the high employment rates and relatively affordable housing options.
Are you thinking about buying a home in Austin this year? Don’t wait—register for an account with us today and have listings that match your preferences sent straight to your inbox the moment they become available. Thinking about selling your home? Call us at 512-502-7804 or send us a message and we'd be happy to arrange a time where we could sit down and chat about your options.Posted by Mary Ann Castro on