New report shows this could be the craziest year yet for Austin real estate

April 22, 2016
Source: 
Austin Culture Map

he housing bubble in Austin has to burst at some point, right? Wrong. According to the Austin Board of Realtors’ (ABoR) March report, Austin home sales and prices are sizzling and don’t look to be cooling off any time soon.

Spring is typically a hot season for real estate, and last month Austin-area single-family home sales increased 9.3 percent compared to March 2015, with a total of 2,552 homes sold. Single-family home prices also grew 7.8 percent year-over-year, reaching a median of $278,000 in March 2016. On top of that, the total dollar volume of single-family properties sold rose 14.1 percent compared to March 2015, reaching $8.9 million.

“Home sales continue to rise throughout the region, but for many Austin-area residents, homeownership is just not a feasible option,” said ABoR president Aaron Farmer in a release.

“Longtime Austin residents are being priced out of their homes, and many are unable to live close to their work or school. As a city, we have to start being mindful of how our property development, appraisal, and code enforcement decisions impact not only housing affordability, but also the diversity of our neighborhoods and communities.”

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