Austin continues to see rising home prices, with an average of 110 people moving to Austin every day. Additionally, this month Forbes magazine named Austin the fastest growing city in America for the fourth year in a row! That growth has driven demand for housing in Austin and contributed to the decrease in housing inventory.
The Austin Board of Realtors (ABoR) released their latest housing market statistics showing 1,449 single-family homes sold in January. This is 4% more than January 2013. The median home price for the Austin area increased 7% more than the same month in 2013 to $211,800.
In January 2014, the Austin market featured two months of inventory, compared to 2.5 months of inventory in January 2013. In contrast, the Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market. Demand for Austin homes continues to outpace the supply of homes, causing Austin to be a strong seller’s market. Austin homes continue to sell faster than in years past, spending an average of 63 days on the market this January. This is a decrease of 9 days from last year.
The number of town-homes and condos purchased in the Austin area in January 2014 was 198 units, or 13% more than in January 2013. In the same time period, the median price for condos and town homes was at $210,570, which is 7% more than the same time last year.
Great things are happening in Austin’s real estate market, as all indications are that Austin’s growth will not slow anytime soon. If you’ve been on the fence about selling, it’s time to leap off that fence and get your house sold! Don’t forget to enlist the help of a knowledgable Realtor to make sure you don’t miss out on that perfect house. Click here to search for homes in Austin, or find a realtor in Austin here!