Austin Real Estate Market Heats Up for Summer 2019
August 1, 2019 | Front Porch Realty
As Austin Heats up, So Does the Real Estate Market
Austin, Texas – The hot summer months are upon us and there’s no sign of Austin real estate market cooling off.
The Home Buying Institute recently highlighted Austin as one of Texas’ hottest markets, principally due to increasing housing demand. That demand is good news for home values, but bad news for home shoppers.
Austin added 12,500 residents between 2017 and 2018, increasing housing demand and limiting inventory.
According to Zillow’s website data Austin home values increased 6.5 percent in the past year and are projected to increase another 3.4 percent in the next year.
The latest MLS stats support the prediction, with some Central Austin neighborhoods’ medial sales prices up 5 percent and even as high as 24 percent year over year.
Only a small handful of MLS areas saw a decrease in sales price compared to last year.
While Austin real estate market doesn’t show any signs of cooling off the increasing demand is sure to create increasing pressure on home buyers to be pro-active in their home search. Nothing can be more frustrating to new homes shoppers than the emotionally draining experience of finally finding home you love only to lose it to an all cash buyer hours later. This experience can be not only draining but disheartening to those looking to make their next big move.
This trend highlights the necessity for a really good real estate brokerage with a great understanding of the local market. If you or someone you know are currently looking for a new home in the Austin area please feel free to reach out to us to start a conversation about your home needs today.
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