Austin home prices hit an all-time high in April 2014 — and the market's not expected to slow down anytime soon.
According to the latest statistics from the Austin Board of Realtors, the median single-family home price rose to $239,900 in April 2014, a 6 percent increase from April 2013. A total of 2,479 single-family homes sold last month (an increase of 1 percent over the previous year), and those homes spent an average of only 45 days on the market (five days less than last year).
While the number of homes sold has increased only slightly since last year, all signs point to a strong selling season on the horizon.
"Austin-area home prices are rising as the strong demand of the market continues. We continue to see multiple offers on listings, often above listing price," said Bill Evans, president of the Austin Board of Realtors, in a press release. "This increasing valuation of Austin-area homes could encourage more listings to enter the market, indicating a strong summer selling season ahead."
Austinites looking to rent instead of own will have to contend with an equally tough market. Despite higher prices, rental properties are being snatched up at a rapid rate. Last month alone, 1,264 properties were leased, a figure that is 5 percent higher than April 2013. The average lease price rose to $1,500 per month — 7 percent higher than last year.