If the latest report from the Austin Board of Realtors is any indication, we're in for another big (and pricey) year of home sales.
Released Wednesday, the report states that home sales in December 2014 continued the momentum of previous months, resulting in a 14 percent increase over December 2013 (an all-time high for the month). Austin also saw a 10 percent increase in the median home price from December 2013.
What really stands out for those looking to break into the local real estate market, which Forbes named the best city to invest in this year, is that 2014 had the highest volume of single-family homes sold in Austin's history. In 2014, 27,768 homes were sold in the Austin area. That record-breaking number is also met with a new record high median price for the year. "Over the course of 2014," ABOR states, "median price increased 8 percent over 2013 to $242,500."
Perhaps the most astounding number from the ABOR report is the total sales figure for single-family homes. In 2014, home sales topped $8.6 billion, an increase of more than $673 million from 2013.
"Steady job and population growth has continued to drive increases in home sales volume and, combined with low housing inventory levels, home prices as well," explained ABOR President Barb Cooper.