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Austin Mortgage Market Update

Austin Mortgage Market Update

Becoming a homeowner has a lot of added benefits. This includes: not having to answer to a landlord, more privacy, tax deductions, a forced savings, and freedom to decorate any way you’d like. Our team at Austin Capital Mortgage Inc. is excited that you have decided to take on the responsibility of homeownership, and we would love to work with you to make it happen. We will always put you first and ensure you get the best home loan.

When searching the market for an Austin mortgage, it is important to be familiar with the local market trends. Knowing where the market has been can help predict where the market will head. As your local Austin mortgage lenders, we can help guide you through this process and give suggestions on when the right time to buy is.

Median Listing Price

According to Realtor.com, the median listing price three years ago was $349,900 and rose 5.7% by March 2016 to $370,000. In March 2017, the median price was listed at an all-time high of $395,000, which is a 6.8% increase from the year prior. The price has since decreased 3.8%, and the current median listing price is $380,000. With this current decline in the residential market, now would be a great time to buy before the housing prices go back up.

Median Price Per Square Foot

The price per square foot has continued to rise over the past three years. In March 2015, the median price was $177 per square foot. By the following year, the price rose to $191, and by March 2017, the square footage price was $203. The current median price per square foot is $209, which is an 18% increase from three years ago, and is about a 3% increase from the year prior. This consistent increase in the median price per square foot suggests that the real estate in Austin is becoming more valuable.

Contact Us

If you are in the market for a home loan in Austin, then we have the services for you. Our team at Austin Capital Mortgage would love to work with you and help finance your dream home. As your local Austin mortgage broker, we understand the market and can ensure you get the lowest prices and the best deals out there. So don’t wait, contact our office today at 512-891-0778 to get started.

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