It’s time to take a look at what’s been going on in our Austin market and the greater metro area.
Ultimately, things are still going strong.
Today, I’m back to bring you another market update. Let’s take a look at what’s been going on.
First of all, job growth here in Austin has slowed down a little bit. The number of jobs expected to be created this year is slightly lower than what was projected last year. That being said, our jobless rate is still very low. At approximately 3.3%, Austin is still in the top 10 metro areas nationwide in terms of low unemployment.
Job growth does impact our real estate market, but let’s move on to the market itself.
Right now, interest rates are still low. People are still closing 30-year fixed rate loans for less than 4%. This means the market continues to be favorable for both buyers and sellers.
The median sales price in Austin is currently just under $400,000. This number has come up a bit over the last couple of years.
For the wider metro area, though, the median sales price is just over $300,000.
Within the next year, prices are likely to continue to rise. That said, appreciation is going to slow a little bit. Everything less than $500,000 should stay very strong, though.
The outlook for the luxury market is also positive. Last year this market took a little bit of a dip, but the luxury market has since come back.
Until rates start going up, it isn’t likely for the market to slow down much. The market has been going up, but the rate is steady enough that I don’t expect a bubble. This is largely thanks to a strong, stable economy.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.