Planning to move to the Austin Area? With reports of Austin’s housing market being red hot there is one guarantee—you won’t be alone. According to U.S. News and World Reports the city of Austin topped the list for the third year in a row as the Best Place to Live in America. People love living in the Austin area. And rightly so. Attributing to the area’s popularity is a robust job market, quality of life, higher education choices, and for those coming from the north mild winters can also be a factor.
Whether you are first-time homebuyer new to the area or have been here awhile there is one thing to know about Austin’s housing market. It is ever-changing. And keeping abreast of the all the latest housing market trends can be extremely difficult and challenging. To help us all out the Austin Board of Realtors (ABOR) publishes a semi-annual housing market report. It outlines six months of trends and provides informed forecasts for the next six. This year, the June and Midyear 2019 Central Texas Housing Market report was released on June 19. To keep you in the know we outlined key facts and figures from the report. Here’s five Austin area housing market trends to keep your eye on.
High demand fuels growth
- Overall the news is good for Austin area’s housing market. It continues to grow because of high demand. However, low inventory and rising home prices may be an attributing factor in the number of people that are considering moving into Austin’s city limits. As a result, many homebuyers are seeking alternative suburban locations. In fact, in the first half of 2019 single-family home sales in the city of Austin declined.
- In the same time period the Austin-Round Rock Metropolitan Statistical Area (MSA) saw huge gains. In the first six months of 2019 it saw a 4.3% increase to 16,203 single-family home sales over last year at the same time. The median home price increased 1% year-over-year to $315,000. The number of homes on the market and pending sales activity also increased. According to ABOR’s report, statistics show that new listings increased 1% to 22,047; active listings increased 4.8% to 6,282; and pending listings increased 7.9% to 18,180.
- In June of this year the median price of a single-family home in the Austin-area housing market was $334,702, a 3% increase compared year over year. A total of 3,349 homes were sold and the average days a home spent on the market was 46. Within Austin’s city limits the median sales price of a single-family home was $420,000, a 10.9% increase year over year. A total of 985 homes were sold recording a 2.3% decrease year over year. The average of number of days a home spent on the market in Austin was 30. However, even with those staggering home prices local industry analysts predict that they will increase at a much slower pace in the future.
- More people are moving to Austin than leaving. Statistically, this has been the case for several years. Key analysts don’t see this scenario changing anytime soon. However, there is a bright side. Developers are seeing the trend and reacting to it. Homebuyers should expect to see more dense communities outside of the city’s limit that offer more affordable options. It’s no secret that suburban areas are residential hot beds for new and existing home sales. And very appealing to homebuyers. For those needing to move quickly readily available inventory homes offer a perfect solution.
- Also helping to fuel Austin’s housing market is resales. During the first-half of this year they were in line with where they should be. This is great news for those on the fence about selling their home. And the perfect opportunity to get the home of their dreams.
Outward bound—more house for your money in the burbs
With home prices in the city of Austin making families and empty-nesters look elsewhere, there’s more than one reason to consider a home outside Austin. For many, suburban areas offer a multitude of home options in varying price ranges with floor plans to fit every lifestyle. Homebuyers looking outside Austin can expect more wide open spaces, excellent school districts and master-planned communities with great amenities. In addition, you’ll also find an abundance of shopping areas, dining options, healthcare facilities, and quality of life.
Travisso, a suburban oasis in the Texas Hill Country
Travisso, is a place to explore; a place to relax; a place to call home. Discover over-the-top amenities, fabulous home designs, natural beauty, and the Palazzo, a 9,200 square-foot award-winning clubhouse. When here explore our premier builders, new neighborhoods and new model homes. Your personal oasis in the hill country is waiting. Additional information is available by contacting 512-243-8583.