Texas Real Estate Market Update 2016
In 2015, the Texas real estate market recorded record-breaking home sales – will 2016 present another record-breaking year for the Texas real estate market? Despite an increase in the median price of homes across the state, it looks as if Texas homes sales are on pace to match or maybe even break the record-breaking numbers seen in the previous year.
Why does the Texas real estate market so hot right now? According to Livability, Texas was the biggest population winner in 2015, adding more residents, 490,000, than any other state in the U.S. Also, four of Texas’ largest metros added more than 412,000 people (more than any other state-level total). With an increase of people moving to Texas, it is no wonder the state’s real estate markets are experiencing record-breaking numbers year after year.
In its third quarter of 2016, the Texas Quarterly Housing Report found that 91,248 homes sold in the state of Texas. This figure is a 0.2 percent increase from 2015. Texas homes are flying off the market despite an increase in the median home price across the state – in the third quarter, the median home price grew by 7 percent (to $214,000), which was a slight dip from the second quarter where the median home price hit $215,0000.
Numbers by Texas’ four largest cities:
What does the real estate market look like in the Austin-Round Rock MSA? According statistics provided by the Austin Board of Realtors®, single-family home sales fell across the Austin-Round Rock MSA in October 2016. The Austin-Round Rock MSA recorded 2,219 home sales, which is a 3.1 percent decline from October of the previous year. Also, the median home price rose 9.3 percent from October 2015 to $279,000. Take a look at the numbers, for both Williamson County and the Austin-Area, here.
Are you considering moving to the Austin-Round Rock area? I am happy to answer any questions you may have about the real estate market. Give me a call anytime.
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