Austin real estate is already hot, and things are only getting hotter. According to the Realtor.com 2016 Housing Forecast released Wednesday, 2016 will yield impressive growth for the local market.
"In 2016, we expect single-family home sales in the [Austin-Round Rock area] to increase by 10 percent compared to 2015. Median single-family home prices are expected to increase by 5 percent," reads the report.
Millennials are predicted to be among the top buyers, and Realtor.com says Austin-Round Rock will be the fifth most sought out city for 25- to 34-year-olds looking to purchase a home.
The report attributes the expected sales growth, in part, to Austin's growing population. Compared to 2012, the local labor force and the number of households will have increased by 12 percent by 2016. Other factors include a stronger economy and a lower unemployment rate, which has decreased by 36 percent in the same time.
These factors resort in intense competition for housing. Austin-area properties last 19 fewer days on the market and listings get 1.6 times more views than the national median.
The Austin-Round Rock housing trends mirror the overall U.S. market, which is expected to experience moderate but solid growth in 2016, leading to the highest levels of home sales since 2006, according to Realtor.com. New home construction and an already booming market are the main contributors, with millennial buying power sliding in with the assist.
To get a more in-depth look at these real estate trends, head on over to Realtor.com.