Summer is typically considered a popular homebuying season, and if you listen to market trends, you might want to act fast if you're planning to dole out a down payment.
According to the Zillow May Real Estate Market Report, Austin home values are already up more than 7 percent over this time last year, while the national average is 3 percent.
Austin home values are already up more than 7 percent over this time last year.
The national median home price is hovering at around $179,000, but the Austin market is currently projected at a steep $228,900. Home values in Austin are expected to rise 3.7 percent by May 2016.
Rent, too, is rising. The median cost to rent an apartment in Austin is now $1,686, which is a 5.6 percent increase from last year. In 20 of the 35 largest metro areas, rents continue to outpace home values, with the median cost rising 4.3 percent this year to $1,367.
Dallas and Houston are also seeing increases, but the title of current hottest market goes to Denver, with a 14.7 percent increase over last year. However, the Mile High City is only expected to grow 5.7 percent through May 2016.