Generally speaking, the majority of major Texas metropolitan areas have held their real estate prices and remained relatively unaffected by fluctuations in the economy, according to Fortune Builders.
Fortune Builders also states, cities like Austin, have traditionally maintained their prices despite normal changes in the economy. That being said, those traditionally stable prices came to an end with the onset of the massive downturn that impacted the US economy and so many homeowners.
For most of the last decade, Austin home builders and new Austin homes have out-priced nearly every other metropolitan area.
Austin’s booming job industry, upwardly mobile residents moving to Austin and looking at new homes in Austin (particularly interested in new homes in Georgetown TX), the market has seen a real turnaround after the impact of the downturn in property prices a few years ago.
“Having appreciated nearly twice as fast as the rest of the country over the last year, Austin real estate is soaring. The median home price in the area is now $246,000. As a comparison, the average home in the United States is currently priced around $216,567. In the last 12 months, Austin homes have appreciated 9.3%, whereas the national average was just 4.7 percent. While appreciation rates appear to be tapering across the country, prices in Austin continue to grow at a faster rate” reports Fortune Builders.
Austin has benefited from 3 solid years of price growth. Each of the last 3 years have added a considerable amount of value to the property market in Austin. New home sales in Austin have reached levels much higher than other metropolitan areas consistently over the last 3 years.
The number of new home buyers in the market is on the increase. This is partly due to an increase in the number of residents as Austin is increasingly popular as a result of it’s booming job market, great weather and relatively low living costs compared to many other cities in the US.