Austin city is located in the heart of Texas and is one of the most popular residential areas in America. The Austin real estate market provides buyers with a wide range of homes to choose from in and around Austin area. It is a great city for relocating or purchasing property because it has breathtaking scenery with the hills of west Austin and the lakes surrounding the whole city. Ranked as America’s number 1 home town, this great city is home to the highly esteemed University of Texas.
The real estate market here allows people to buy property within and around the downtown area. In addition, second home buyers have a wide range of homes to choose from. Lake Austin located in West Austin is one of the most popular lakes in the city and this tends to attract a lot of people with families so that they can enjoy water sports.
Austin is known to be one of the best cities in America and this is why home owners are excited about the Austin market. With a staggering number of foreclosures available in Austin at significant discounts from current rates, many nationwide and native Austin investors are buying properties for cash as fast as they can.
With its strong employment rates, more people are relocating to Austin thus keeping the real market active with a balanced supply and demand. This balance helps to keep prices steady and appreciating modestly. In February of 2013, Austin boasted of just 5.4% unemployment. Home sales prices in Austin have appreciated by 40.1% over the last five years. This is rare in housing markets.
According to experts, 6.5 months of inventory is a balanced supply and demand for home sales. The competitive market showed a drastic reduction in inventory. Latest figures show that Austin has 4.1 months of inventory. This clearly shows demand exceeds supply-fantastic news for home sellers. Sales were up 26% year over year in February, while the median price for listed homes was up 7% during the same period, to $208,500.
Now you can see why home owners are excited about Austin’s real market. For those looking to buy a new home at great prices and favorable interest rates, this is the perfect time to do so. Likewise, the time is perfect for current homeowners to look into move up opportunities and for sellers, low inventory supplies and a growing population should keep the sales soaring.