Home Prices Keep Rising in the Austin Area

We have seen a bit of a slow down in the real estate market in the last month for the Austin Texas area. However, since about March of this year we have had some record activity and have seen prices rebound to the same price levels as we saw in 2007 when homes prices peaked in the Austin area. The statistics show that prices are continuing to rise but my guess is we will see prices stay pretty flat in most parts of Austin through the winter then start to see significant price increases next year, in 2013. Some areas like Crestview where homes are selling in hours still we are seeing prices continue to go up. Other areas of town where the slower winter months have not affected price increases yet are, Circle C area, Westlake area, Tarrytown area, downtown lofts and high rise condos, Travis Country, and some other areas, mainly central, West, Southwest, and northwest Austin.

I think this winter is going to be the best time to buy a house for the next 3-7 years. With the number of people moving to town and the payments on homes being drastically less than the rent on the same home people are really starting to buy. We have lots of job creation in Austin. My guess is we will see anywhere from 3% to 10% price increases over the next 3-7 years. It is a guess but based on the activity levels I have seen this year and looking at all the statistics and research I think it is a very conservative guess.

Long story short…buy now because next year the prices will be higher and likely interest rates will also start to climb again.

For more statistics take a look at this article from the Austin American Statesman: http://www.statesman.com/news/business/central-texas-home-starts-up-37-percent-for-quarte/nSRZj/

Leave a Reply

Your email address will not be published. Required fields are marked *