Many people have found Austin, TX to be a good place for a higher quality of life. In the last several years, home prices in Austin have increased as more people want to live here because it offers what they are looking for. If you’re considering moving to or from the city of Austin, there are many reasons why now a great time maybe to buy or sell a home. Austin, TX is a city that’s gaining popularity every year, and here are 6 reasons why you should buy a house in Austin, TX this year.
1) Job Growth
According to Forbes, Austin ranks high on its list of Best Cities for Jobs in 2021 because the area has been creating new jobs at about three times the national average over the past five years. A job opening attracts many businesses and talent-seeking workers. During this time, the real estate market has been increasing in demand and home prices have grown at a high rate.
2) Apartment Availability
The cost of renting an apartment is also on the rise and also the availability of finding one in the part of town you want to live is difficult with an increase in population moving into Austin. To get out of paying today’s high rent costs, some people choose to buy instead.
3) Home Prices Rising
The average home price in Austin was $298,000 last May, which is an increase from $280,000 during the same month last year. The housing inventory remains low in Austin while home sales are strong allowing for prices to keep rising because no new homes are being produced quickly enough to meet demand.
4) Less Expensive Than Other Major Texas Cities:
According to Google, Austin currently has a population of more than 950,000 and is the 11th largest city in America. Although the prices of homes are a bit more expensive than other nearby major cities, Austin’s home values have gone up 39.4% over the past year. Here are three other major nearby cities for an average price per home comparison:
- Austin: 612,000
- Houston: $241,900
- Dallas: $290,654
- San Antonio: $243,114
The median price for homes in Austin is basically twice as much as Dallas following closely behind at about 40% higher than San Antonio. Even though San Antonio is the second-largest city in Texas with a slightly lower cost of living than Houston, its home prices are still more expensive than those in the capital city of Texas.
5) Short Commute Time:
Compared to other cities in Texas, the average commute time for Austin residents is 23.7 minutes, which ranks second to last among large U.S. cities behind only Nashville at 21.8 minutes. The shorter the commute time, the more likely you are to enjoy living there because of convenience and quality of life.
6) Recreation Opportunities:
Austin has a number of outdoor and indoor recreation opportunities available. The city’s Parks and Recreation Department manages over 200 parks, which include everything from major league baseball fields to hiking trails and community gardens and Austin also has more than 400 miles of bike lanes and 15 bike-only trails
If you’re looking to buy a home in Austin, TX this year, home values should continue to rise so it may be worth your time to contact Mark Hairston with Texas Mortgage Source LLC at (512) 877-7445 if you’re looking to make a move this year.