Where is Our Austin Real Estate Market Headed?
What does our Austin market look like as we move into fall? Let’s review the latest statistics.
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As we move into fall, many people have been asking me for an update on our real estate market. Overall, the market is still doing well. Prices have increased between 4% and 5% year over year. The average number of days listings are spending on the market has also gone up, but only slightly—having gone from 19 days this time last year to an average of 20 days this past month. Fewer homes have been selling overall, but this is largely due to our current low inventory. Just since last year there has been an approximate 10% drop in the number of available homes. To help alleviate this, there are a lot of new construction communities going up all over town, including new condo developments. With all of this in mind, people are wondering what to expect from our market in the future. To tell you the truth, it’s hard to say what exactly will happen. Real estate markets work in cycles, and right now we’re either nearing the peak of that cycle or we’re just on the other side of it.
Growth in our Austin market is more organic than elsewhere around the country, so we can expect conditions to remain strong even if a shift does occur.
Different markets throughout the country experience their own trends, but we’re all expecting to see a shift very soon. However, I’m still fairly optimistic about the future of our Austin market, specifically. Homebuyers tend to move to our area because of our culture and job opportunities, and these are two factors that our market conditions won’t change. Growth in our Austin market is more organic than elsewhere around the country, so we can expect conditions to remain strong even if a shift does occur. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.