The weather isn’t the only thing warming up in Austin.
If you thought the winter slump the Austin real estate market went through was going to last longer you were wrong! As we creep towards summer, activity in the residential market is growing rapidly. Over 2500 single-family homes were sold in March, up 9.3 percent from March 2015.
After a sluggish January and a meek February, the residential market saw spikes across the board (with a few exceptions). New single-family home listings were up 12.2 percent at 3,633. Active single-family listings were only up 1.5 percent to 4,669—quite the turnover. Sales pending for single-family residents were up 7.2 percent at 2,811. Total volume sales for the month totaled at a whopping $887,419,074—up 14.1 percent! Unfortunately all this growth isn’t changing another increasing factor: median price. For single-family residential homes in Austin the median price increased to $278,000, up 7.8 percent.
Doing something about affordability.
The Austin Board of Realtors has been pushing against code and permit restrictions and enforcement issues that have contributed to the rising cost of homes in the area. ABoR released a statement where Board President Aaron Farmer urged the City to take action as many longtime residents “are being priced out of their homes and many are unable to live close to their work or school.”
”As a city, we have to start being mindful of how our property development, appraisal, and code enforcement decisions impact not only housing affordability, but also the diversity of our neighborhoods and communities,” said Farmer.
With the lack of affordable options in the city, young people are estimated to have to save for 10 years before they are able to purchase a home. This low level of accessibility for home ownership can be damaging to the real estate market as well as the local economy.
Where to buy now.
Culturemap Austin recently released their top three popular Austin neighborhoods you’ll want to buy a home in now. Topping the list is the north Austin neighborhood of Crestview. If you’re looking for a family home with accessibility to play areas, trails, great schools, and top-notch facilities, Crestview is an attractive and affordable option.
Next on the list is University Hills. This northeast area has recently developed into a hot residential spot perfect for young people. Home of Dottie Jordan Park and the Walnut Creek trail, there are plenty of options for hiking, biking, and all your favorite outdoor activities. Foodies rejoice—there are also tons of great food options in University Hills.
Finally, the North Loops neighborhood isn’t being kept a secret any longer. Once the flight path underneath Mueller Airport, this central enclave has a unique array of shops, cafes, and favorite establishments Foreign & Domestic and drink.well.