Well, the cost of living just jumped in Austin, Texas. New numbers just released from the Austin Board of REALTORS® confirms just how expensive it is to live in Austin. Plus a recent study confirms the increase in the cost of living in Austin.
That study looked at the 50 largest cities in the U. S. and found that Austin’s “cost of living comfortably” jumped the highest of that group. That’s not surprising to me.
The Austin Board of REALTORS® reported that ehe median cost of a home in the Austin area was $308,000 in October 2018 and $377,000 in the City of Austin. I’m in Cedar Park, Texas just North of Austin where the median price $281,250.
Here’s what’s included in the cost of “living comfortably”:
– Housing
– Food
– Utilities
– Transportation
– Healthcare
– Personal expenses
It’s clear that everybody loves Austin. It’s that demand that’s been driving our prices up and it’s just beginning to slow down.
What that means for Buyers is it is becoming a little easier to find your dream home. But don’t wait too long because prices are still rising.
What that means for Sellers is that it’s probably best to sell sooner rather than later if you really want top dollar for your home.
What’s been driving up housing prices in Austin? There are several factors including a strong economy, low unemployment, a steady growth of population, and a shortage of housing inventory.
The good news is that prices are beginning to stabilize just a bit. Our inventory has been increasing taking some of the pressure off buyers. Buyers have more choices. Sellers are having to price their homes more competitively. All of this signals a shift to a more normal real estate market.
Is Austin’s cost of living slowing the real estate market? The short answer is yes.
Feel welcome to give me a call 512-516-4666
