The state capital of Texas - Austin, is considered as one of the greatest cities in America and no doubt has a pretty impressive real estate market to go with it. You will surely adore the charm of Austin with its parks and music scene. Likewise, you'll have plenty of opportunities to get involved in events such as the Austin City Limits Festival or even South by Southwest. Outstanding schools, desirable locations, upscale housing options, yet a relatively affordable cost of living—these are just a few things that makes this city an attractive place for people to live.
Quick Facts:
- Austin, Texas, is considered one of the fastest-growing cities in the United States with 2,117,000 current metro population.
- The population has a total of 3.12% increase from 2020 and 3.43% in 2019.
- 3% lower than the average cost of living, thus making it affordable to many.
- The median home price is between $448,406 and $575K currently.
- The average property price per square foot is $300.
- The real estate price is trending up to 22.6% over the year.
Austin, Texas, in a Nutshell
Austin, Texas, is a city that has it all. It's a big city with lots of opportunities and entertainment, but it also boasts as a small-town charm. Here are some of the best reasons why you should consider it for your next home:
Economy
The economy of Austin is now booming because of the increase in population and high wages. Consequently, many businesses have moved to this city, and it is steadily growing in population, making it an attractive place for people to live.
The progressive increase in population, projected not to go down anytime soon, attracts real estate agents. Incredibly, the median price has increased to 14% in the past twelve months, making it the first in history.
Weather
This city has long hot summers, short and mild winters, and warm springs. This is popular because of the warm climate making it ideal for hot summer vacations.
Public Schools
The city has a total of 129 public schools to choose from:
Some schools to note are:
- Austin Independent School District
- Garza Independence High School
- Liberal Arts & Science Academy High School
Public Transportation
The public transportation in Austin is quite impressive, known as the "lone star of transportation." It has a boasting 3,000 bus stops you can use to travel from one area of the city to another.
Real Estate Condition in Austin, Texas
Housing Demand
Even with the strike of the Covid-19 pandemic, the housing demand in Austin, Texas is impressively increasing and remains strong throughout the years. According to an old record from the Austin Board of REALTORS® (ABoR) in January 2019, the residential home sales in Austin have increased by 8.5% from the previous year.
The high demand for housing in Austin has made it, so you're going to have a lot of choices.
For sellers: this will be an excellent opportunity to list your home for sale because there is a lot of potential in the housing market.
For buyers: this is the perfect time to purchase a house here because of the progressive increase in price and fantastic town.
Housing Market
With a massive $13B or 33,084 home sales in 2019, Austin is considered one of the hottest housing markets in the United States.
The city has one of the highest real estate listings in the country, ranking at #8 for New Homes in the US. With the increase of population, Austin offers exceptional new home development.
Real Estate Trends
The real estate market of Austin, Texas, is solid and competitive through past years and predicted to be stronger in the upcoming few years.
The volume of new listings is to increase by 23% in the upcoming years, giving a positive impact on the real estate industry.
The median price has increased by 43%, or $482,364. This is a considerable increase by any stretch!
Median rent ranges in $2000 per month for a common 3-bedroom house. The rate has increased by 3% every year, with a total of 61% occupied housing units in the whole Austin metropolitan area.
Final Thoughts
Good things are being sought in the city of Austin, Texas in 2021. With a potential increase in population and median price, it's time for you to invest in some properties.
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