Austin real estate is growing at an incredible rate. As the city’s reputation
continues to grow, the population, urban development, and property demand are all steadily increasing. Here are 5 incredible facts about Austin Real Estate.
1. The population is rapidly growing.
Residential growth rates are up to around 3% per year, while the metro area itself recently passed over 2 million inhabitants.
The pressure is on—both for real estate buyers and sellers. Since over a hundred people are moving in every single day, real estate is being bought up at breakneck speeds.
2. Austin is #1 on the Forbes list of Fastest Growing Cities—and has been for years!
After looking at population, startup, and commercial data, Forbes has once again listed Austin as the biggest spot for economic gains in America.
3. Austin’s job opportunities can’t seem to be stopped.
The unemployment rate is holding steady at an incredibly low 3.1%
(for reference, the national average unemployment rate is 4.9% according to the Bureau of Labor Statistics
). High-tech service jobs are growing at an estimated 5.2%.
4. The median home price in Astin is steadily climbing.
According to the Federal Reserve Bank of Dallas
, the median sales price of a single-family home in Austin was $272,466 in December. According to the Austin Board of REALTORS
®, single-family homes reached an approximate median price
of $350,000 just last month.
5. According to experts, the demand for housing is outpacing the availability of housing.
Put simply, this means that more people are moving in than are selling their homes. Austin is therefore a perfect place for real estate development where sales deals will very likely be in the seller’s favor.
Thinking of investing in Austin? Give us a call at 512-360-9061.