In 2017 it seemed like just about everyone was buying or selling a home in Austin Texas and for good reason because huge demand and low mortgage interest rates made the prospect of buying or selling a home in the area irresistible.
Big Profits For Sellers In 2017
Last year, Austin metro area homes sold for a median of $57,697 more than the purchase price, a gain of 27.1 percent — the second highest return in Texas.
Zillow says the current 20 percent down payment on a median-priced Austin home is $58,620, meaning sellers' profits were just shy of covering their next down payment in the Capital City. The typical local seller owned the home for only 5.6 years prior to selling, far less than the 8.4 years nationwide.
"In a housing market that’s been plagued by low inventory and increasing demand, homeowners in the nation’s hottest markets have been able to cash in when they sell their homes," said Zillow senior economist Aaron Terrazas in a release.
Across the nation, homes sold for 21 percent more than the purchase price, or $39,000. In Texas, Austin, Dallas-Fort Worth, and Houston exceeded the national average; only San Antonians made less. There, homes sold for 19.7 percent over the purchase price, or $34,029, which is less than the $36,560 needed for a down payment right now.
DFW boasted the highest return in Texas: 31.4 percent, or $56,297. And with the median down payment estimated at $45,020, DFW residents were left with a nice cushion for their next move. Houston sellers received $43,374 more than the purchase price, a gain of 24.7 percent, and enough to cover the median $39,100 down payment.
Search For Homs In Austin Texas
To get started with searching for homes in Austin Texas contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.