What's going on in the Austin real estate market? There's no question that we're in a hot market with new jobs and new people, but home buyers can still get a great deal on a home.
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Austin is a growing metroplex with lots of new jobs and lots of people moving here, and it's reflected in our market this year. Home sales and home values have both grown 5% this year. The median home price has risen 9% up to $289,990.
With the influx of businesses and people, inventory is still tight. We currently have just 2.8 months of inventory in Austin. Across the Austin market, the average days on market is 42 days. That's already an amazing number reflecting how long it takes to sell a home, but here on our team, our average is fewer than 30 days. In fact, our average time for selling a property is 22 days.
Additionally, with our listings, we are seeing multiple offers. Not every sale has multiple offers though; it depends on price, location, and condition of the house. When you list your home, you want to make sure you're pricing it right for the area that it's in, you put it in the best condition possible, and your agent makes sure the marketing is out there to give you a chance to receive multiple offers. We want you to be able to choose the best offer possible for you.
"It's still a great time for buyers to be in the market."
On the home buying side, interest rates are still really great. I'm seeing clients get loans with rates under 4% all the time. Just the other day I saw one at 3.25%, which is simply an amazing rate. The information I'm providing you today indicates that Austin is generally in a seller's market, but it's still a great time for buyers to be in the market. The interest rates are still practically the lowest in history.
Depending on the location and price point where you're buying a home, you may even be in a buyer's market. We've been helping a lot of buyers get a great price in this market recently.
If you have any other questions about the Austin real estate market, give me a call or send me an email. I'd love to speak with you!
