The Austin real estate market is one of the few places in the country that are experiencing double digit price increases. According to the Austin Board of Realtors, prices in the month of August 2012 were up more than 20 percent over the same month last year to a median price of $212,000.
That easily makes Austin one of the strongest real estate markets in the nation.
The good news is with the tight inventory of homes; rising rents and multiple offers received on available properties, most real estate experts believe the trend is strong enough to continue through 2013. Another major item supporting the real estate market is the availability of record low interest rates which the Federal Reserve has indicated it does not plan to change for an extended period of time.
Homes are also on the market for a shorter period of time – only 61 days – compared with 80 days in August 2011.
For Austin area homebuyers, the strong turnaround in the market means that it could definitely be the bottom of home prices and a great time to buy. Lock in the low interest rates today and start enjoying a home of your own instead of throwing away money in rent. Get in touch with us today to learn how.