By the Kent Redding Group
AUSTIN, TX. – Thanks to the Austin Business Journal we learned this week that the Austin Real Estate Market leads the nation with home price gains.
Since the “Great Recession”, Austin has seen home prices increase by a whopping 63 percent and continues to lead other fast-growing cities including Dallas-Fort-Worth, Houston, San Antonio, Houston and Denver.
To put this into context, the medium home price back in 2006 was $173,510 but in 2016 the median home price was $282,625.
Yes, prices are still very affordable when compared to home prices in California but that may not last long as more people continue to move to Austin every day.
What does this mean for you? If you’ve been thinking about buying an Austin Texas home, now is a great time to buy before prices appreciate even more and if you’ve been thinking about selling, right now is an excellent time to sell your home.
Source - Austin Title
What’s Different Than 2006?
Back in 2006 the Austin TX Real Estate market was sitting on shaky ground because the economy was less than sturdy and many lenders were approving mortgage loans for people with “shaky” or less than ideal credit.
In 2017 times have changes and not only do we have a stable economy, we also have lenders who are following higher lending standards than they did back in 2006.
Builders Are Trying to Keep Pace
With the white-hot demand for Real Estate in Austin TX builders have been working extra hard to keep up with the demand for homes.
Home building has also returned to pre-recession levels. There were 4,586 home starts in the third quarter, according to a Nov. 2 report by Metro study, the most since a record 5,041 starts were recorded in the third quarter of 2006.
The region is on pace for 16,719 starts this year, which would be a 19 percent increase from 2016.
Search for Homes in The Austin Real Estate Market
To get started with searching for homes in the Austin Real Estate market contact the Kent Redding Group today by calling us at (512) 306-1001 or CLICK HERE to connect with us online.