03 May Austin Real Estate Market 2018
With Austin’s growth projected to more than double in the next 40 years, 2018 is expected to be another record-breaking year for the city’s real estate market.
Austin’s current population sits at the 31st largest in the U.S. and is predicted to surpass San Antonio’s by the late 2020’s. The city has been experiencing an average net increase of 150 people per day who are needing places to live. This surplus of people is resulting in the city’s housing housing not meeting its demand and prices being driven higher and higher.
Despite home prices increasing by 5.4% in 2017, the Austin real estate market hit an all-time high in home sales that reached a double-digit increase in March 2018. This much growth being endured early on in the year indicates a strong summer selling season ahead.
Historically, it has been common for homes to remain on the market for 50 days or more – even in housing markets experiencing a high demand. However, within Austin and its local areas, homes have been spending a fraction of that time on the market. The city’s limited housing inventory has ultimately created a competitive market when it comes to purchasing a home in or around Austin.
At Austin’s current growth rate, the population is projected to continue outpacing infrastructure. This deficit will generate a higher demand for more schools, retail and office spaces, transportation accommodations and other utilities to be developed. Fortunately, with job growth increasing at a slower pace, the city will be allocated time to focus on solving these overgrowth challenges.
While home prices continue to rise, they are rising at a slower pace which indicates a stable market trend.
If you’re considering a move, now is the time to enter the market and take advantage of the low mortgage rates and appreciation. Click here to meet the Urbanspace residential team.