On August 20, the Austin Board of REALTORS® (ABoR) released its July Multiple Listing Service (MLS) report, and the numbers show that the Austin housing market has never been hotter. According to the report, July had the most single-family home sales on record. That’s right, the most ever.
If you’ve been keeping track of the headlines, this shouldn’t come as too big of a surprise. Real estate markets all across Texas continue to surge, as people from all over the world move into Texas for business and personal reasons. And Austin is right in the center of the movement. Actually, in terms of both jobs and culture, Austin tops the list of most aspirational cities.
“The record number of sales in July can be traced back to Austin’s job growth and strong economy,” explained Cathy Coneway, 2013 Chairman of ABoR. “The expected rise in mortgage rates may have also encouraged buyers to act now. As home builders work to meet demand, we can expect home prices to steadily increase.”
It’s true; Austin has seen substantial growth in the past year, and that growth is expected to continue. And while home prices may continue to rise, Austin is still a city with a high income-to-cost gap. There are also multiple financing options that your local REALTOR® can find for you. Your REALTOR® is as plugged into the community as anyone else and uses these market statistics to get you the best possible deal:
- 3,135 — Single-family homes sold, 35 percent more than July 2012 and an all-time record for the area.
- $228,250 — Median price for single-family homes, eight percent more than July 2012.
- 41 — Average number of days single-family homes spent on the market, 23 days fewer than July 2012.
- 2.8 — Months of inventory of single-family homes, 1.5 months less than July 2012.
These statistics accurately show that the Austin area is becoming a popular place to reside. There are competing offers out there, but you can make yours stand out by working with a REALTOR®. REALTORS® not only know the proper resources to walk you through the home buying process, but they also put your needs first and foremost. Check out our revamped Find a REALTOR® feature and you’ll be one step closer to finding your perfect Central Texas home.
Click here to download our new Austin area July Housing Statistics Infographic!