The latest U.S Census Bureau reported Austin as the 11th largest cities in the country and today, the population of Austin increases by over 110 people each day. Despite economist predicting the Austin housing market in 2014 to slow down, 2014 continues to surpass expectations. Buyers currently searching for homes for sale are experiencing the summer hot market where homes are sold in less than 24hrs. We even see homes for sale in Austin under contract hours after being listed. In February, homes were on the market on average 26 days, from 40 days on average in 2013. In January 2014, Multiple Listing Service (MLS) reported at a 7% increase in average cost compared to January 2013.
Many factors have contributed to Austin’s growing population. Job growth and the affordability cost of living are among some of the main reasons but the lack of inventory is more due to competitiveness in the housing market compared to 2013. According to Redfin February 2014 showed a 3% increase in sales while inventory declined by almost 13% for the Austin housing market.
A survey by Redfin explains that the #1 reason for people moving to Austin, aside from job growth, is due to much of the population of cities in Texas are made up of child bearing aged families and grandparents willing to relocate to be closer to their children and grandchildren. Among popular cities in Texas, Dallas and Houston are not too far behind in popularity. Contact our team today to explore every option to find your new home in this competitive market.