California IS coming… but so is everyone else. From 2006 to 2010, approximately 1,500 people moved to Austin each year from Los Angeles County. In 2014, Austin has seen over 100 people moving here everyday. That’s over 36,000 people a year. So who else is moving to Austin if it’s not just Californians? Alongside residents from Chicago, Louisiana, and Arizona we see the largest number of Austin transplants from within Texas. An average of 10,500 people from Williamson County alone move to Austin each year.
Austin’s booming economy and extraordinary quality of life has resulted in an impressive influx of new residents from across the nation. Affectionately known as “Silicon Hills,” Austin is home to Dell, RetailMeNot, Silicon Labs, and dozens of other large tech-based companies, providing ample job opportunities. Combined with the city’s entrepreneurial spirit and its love of supporting its small business owners, Austin is thriving like nowhere else in America.
With so much going for it, it’s not surprising that Kiplinger named Austin the “Best City for the Next Decade,” and even less surprising that the Austin real estate market is one of the healthiest in the country. Owning a home in Austin truly is one of the best investments a person can make today.
Why Now is the Best Time to Become an Austin Homeowner
With median home values rising each and every month, strong demand, diminished supply, and plenty of room for continued upward price movement in the foreseeable future, if you have yet to jump into the Austin property market, now is the time to do so.
According to a recent Austin Multiple Listing Service report released by the Austin Board of Realtors, home prices in April 2014 throughout the Austin area hit a new all-time high, with the median sale price for single family homes reaching $239,900. Moreover, the median sale price for single family homes in the Austin area rose by six percent since April 2013, while the average price climbed to $308,752.
Home prices in Austin are not only reaching new highs and continuing to rise year after year, but the number of Austin-area homes sales also increased by one percent from April 2013 to April 2014, resulting in nearly 2,500 single family home sales.
Sell Your Austin Home Now for Top Dollar
Today, Austin is undeniably a seller’s market. Due to limited supply and perpetually increasing demand, many of today’s home sellers are receiving multiple offers well above the asking price. In fact, homes in East Austin, downtown, and the most desirable areas are flying off the shelf just as quickly as they are listed. Some sellers are even enjoying pending contracts above the asking price in less than five days!
In response to Austin’s thriving real estate market, Bill Evans, President of the Austin Board of Realtors, stated, “Austin-area home prices are rising as the strong demand of the market continues. We continue to see multiple offers on listings, often above listing price. This increasing valuation of Austin-area homes could encourage more listings to enter the market, indicating a strong summer selling season ahead.”
While the housing market is slowly recovering across the country, it has exploded in Austin as home values across the vibrant capital are reaching new highs. The number of available homes for sale is at the lowest level in nearly a decade, and when combined with record numbers of homes being sold and put under contract, the result is a perfect seller’s market of rising appreciation, diminished supply, and increasing demand.
Communities across Austin are experiencing these impressive market factors, allowing Austin homeowners to cash in on ever increasing sale prices. If you’re an Austin homeowner, you can get much more for your home now than in anytime during the past six years, especially if you’ve owned your home for a few years or more.
Who doesn’t relish the opportunity to sell their home for a higher price and cash in on considerable built-up equity? If you’re like most Austin homeowners, you have built up considerable equity in a short amount of time, making it the perfect opportunity to sell your home for top dollar and use the equity to help purchase the Hill Country home of your dreams.