Out With 2016

Dated: 12/30/2016

Views: 48

2016 brought a BOOM to Texas real estate and it has been very apparent in the Austin market.  As our real estate market continues to outpace the National average, investors and home owners have been showered with a blend of rising home prices, expanding appreciation rates, and affordability in the first 1/2 of the year. Gains in home prices for the last three years have extended the trend of positive price growth after the recession. All in all, the Austin Real Estate market continues to be one of the hottest markets and is projected to continue into 2017!

The median home price for Austin real estate was $294,000 according to the Austin Board of Realtors for November, compared to the national average of $239,167. The trend continues with appreciation rates, as total equity for Austin real estate outgrew the national average during the second quarter and for the last 7 years the total equity gains have surpassed the national average. That's something to brag about!

The local economy has also had a positive impact on our market, with unemployment improving and better than the national average, employment rates continue to rise. One-year job growth for Austin during the 2nd Quarter was 3.9 percent in comparison to the rest of the country with a 1.9 percent job growth rate. 

It’s no surprise the Austin real estate market is forecasted to experience higher price growth in the next 12 months. Moving forward, the Austin real estate market should continue to skyrocket in in 2017. Bring on the New Year! 

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