The Austin real estate market has been on fire for the past year. With such an influx of buyers in the market because of the city’s great job opportunities, dynamic cultural offerings, and something for every lifestyle, it’s no wonder why the city is one of the hottest real estate markets in America. With so many people looking for homes in the city, it can be a very lucrative time to be a seller.
Austin Median Home Prices Continue To Rise
The median home price in the Austin-Round Rock area has increase by 8% over last year, to $295,500, and if it continues its trend as projected, this number will continue to rise in the coming months. What’s driving this intense seller’s market? A lack of inventory and an influx of buyers, especially for homes valued under $300,000. In many cases, homes are selling for above asking price because the buyers are just that motivated to find a home. With little supply and a large demand, it’s natural for home prices to rise in this type of market.
What Does This Mean For Sellers?
With such a great demand, there’s a very good chance that your home is worth more than it was even a year ago. Many homeowners are pleasantly surprised when they find out that the home they bought three years ago is already worth more than they could have imagined. Even if you aren’t actively thinking about selling your home, it could be beneficial to find out how much it’s worth in today’s market.
If I Sell My Home, Won’t I Have To Buy Another?
One of the biggest concerns an agent often hears when they talk to a homeowner about selling is that they’re worried about buying another home in this type of market. Fortunately, for sellers, the housing bubble in Austin is largely concentrated to those with a budget below $400,000. Higher-priced, move-up homes and luxury homes are generally less affected by the housing crunch, so you won’t necessarily be paying more for a nicer or larger home.
If you’re thinking about selling your home in Austin, or just want to learn more about the current market and where your home fits in it, contact the Engel & Völkers team today. Send them a quick message or give them a call at 512.328.3939 to find the answers to any and all of your real estate questions.