This is a continuation of the ongoing series reviewing the hottest real estate markets in the country. Don’t miss the last edition, “Is Virginia the Hottest Real Estate Market in the US?”. There’s nothing that increases the bottom line for a real estate agents than a hot market. Those who lost their shirt in the great housing bubble of 08′ have been dreaming about the day when the great pendulum would finally swing back in the upward direction. The numbers show that in most major markets nationwide home prices have stopped their decline and are now on an upward trend but no where is it as hot as Austin in the heart of big Texas. Here’s why it may be the hottest real estate market in the US:
#1 – JOBSIn June of 2013 Colin Pope reported for the Austin Business Journal that 65 Austin-area companies were named to the 2013 Best Places to work in Texas. Jacquelyn Smith included Austin in her article for Forbes titled “The 10 Best Cities For Finding Employment Right Now”. Income and employment are the first two steps to obtaining a mortgage and buying a home. Experienced agents know where the jobs go the sold homes follow.
#2 – MARKET PERFORMANCENumbers don’t lie.
- The number of single family homes sold has increased by 9%.
- The number of townhouses and condos sold has increased by 26%.
- The average price of single family homes sold has increased by 12% to$293,746.
- The average number of days a home sits on the market before selling has decreased 16 positions to only 55 days.