What’s Happening in the Market This Summer?

Austin continues to be a hot seller’s market. Here’s how you can take advantage of these great real estate conditions.

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Have you been considering buying or selling a home in today’s market? If so, I have a market update for you that will let you know where everything stands.We are squarely in the middle of the summer selling season. Median prices are about 7% to 8% higher in the Austin area now than they were at this time last year. Between May and June, our median price was just north of $370,000.Right now, it’s taking homes about 12 days to sell on average. That’s up a bit from the average of seven days we saw a few years ago, but both numbers mean the same thing. We are in a very strong seller’s market. Prices have been steadily rising and we expect them to keep doing so for the foreseeable future. More and more people are moving here every day. As of now, supply hasn’t been able to keep up with demand.The future is uncertain. We expect rates to go up soon but we’re not sure how much they will go up by. At some point, they will go up though and our home supply will catch up and cause prices to come down a bit.If you have any more questions or want any more information about the real estate market, give me a call or send me an email. We look forward to hearing from you.