Austin Real Estate Trends December 2016
For those already residing in the Austin area, it’s not news that this is a fantastic place to live, work, and play. There’s so much to do and see, and for a large city, it’s one of the safest in the United States while still being full of all the eclectic, diverse, and totally unique neighborhoods that make Austin so special.
In recent years, the rest of the U.S. has started catching on as well. Austin continues to rank high on the list of best places to live, and it’s attracting the eye of investors too. Austin was named the #1 real estate market to invest in for 2017. The skyrocketing popularity shows no signs of slowing down with online listing giant, Zillow, predicting a 3.3% year-over-year rise in value through October of next year.
Navigating the Austin Real Estate Market in 2017
So as a homeowner or potential buyer, what does all that national attention mean for you? Well, it’s a mix of good news and challenges. While it’s likely that Austin area homes will continue to hold their value, it also means there could be more competition. For homeowners, that can be a blessing. For buyers, it may mean you’ll have to bid in a multi-offer situation once you find the house you want.
Notable Austin Real Estate Trends Seen in 2016
As 2016 comes to an end, the average home price in Austin remains around $303,000. According to the ABOR (Austin Board of Realtors) mid-year housing report, this year saw a relatively healthy supply of properties being listed with values of $400,000 or more. However, properties in the starter house range of $100,000 – $200,000 were far and few between. And properties between 200,000 and $399,999 were also in short supply.
Though 2016 started off slow for the city compared to the rest of Central Texas, there was a steep uptick in sales towards the end of the year. Ultimately Austin rallied with a 13.7% jump in home sales annually. And with the publicity that this beautiful area continues to receive, it’s a good bet that Austin real estate will continue to surprise industry experts well into 2017.
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