Austin Area Home Prices Continue To Climb

Austin Area Home Prices Continue To Climb

According to numbers released by the Austin Board of Realtors on February 16, 2017, home prices in the Austin-Round Rock metro area increased 9.8% year over year in January with the median home price checking in at just under $280,000. In comparison, the median price of a home nationally was $228,000, an increase of 7.1% for the same time period, as reported by the National Association of Realtors. This delta certainly lends credence to the recent Forbes report that Austin is now considered to be an "unaffordable city."  Many point to the fact that new home building permits are issued at a critically slow pace. Simple supply and demand - fewer homes means higher prices - and the area only has a 2 month supply of homes, 1.4 months in Austin proper. 

What does this mean to the typical home buyer? Likely, paying more for less - higher sale price for an older, smaller home - just to buy in the area. And, likely entering into a multi-offer situation for the home they prefer, often times driving the sale price over the offer price and even the market value. Many home buyers are actually coming out of pocket to make up the difference between the appraised value and the contract price simply to get the house. 

Now more than ever, working with an experienced REALTOR that has the knowledge and experience maneuvering the complex Austin real estate market is key to ensuring buyers understand the value of the home they are buying and having a partner on their side to negotiate the complex landscape from offer to closing. 

Kathryn McCurley Headshot
Phone: 512-547-7784
Dated: February 22nd 2017
Views: 1,024
About Kathryn: Early in my career, I was fortunate to attend a Zig Ziglar seminar. He opened with, “I wasn't born...

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7000 N. Mopac Expy Ste 190
Austin, TX