As we transition from 2015 into 2016, Austin continues to be one of the nation’s hottest real estate markets. Even if you made a conscious effort to ignore what’s happening in Austin, it’s almost impossible not to notice the rapid growth we’ve experienced over the last 8+ years. Hand and hand with growth, it seems like every year showcases what will be the hottest areas or the new, “IT” neighborhood in Austin. 2016 is no different.
Hottest Austin Real Estate Markets in 2016
The Austin Business Journal recently released a list of their prediction for the hottest Austin real estate markets in 2016. This report was based on research from Redfin. Here are their predictions. You can read their report here.
#1: South Austin
South Austin is no newcomer to the hottest real estate markets in Austin list. With the explosive growth of South Lamar, South 1st and South Congress, 78704 has been a go to neighborhood for buyers looking for walkable and urban but don’t want to live in a Downtown condo. In 2016, 78704 is expected to top the hottest real estate markets in Austin list and is one of the most competitive home buying markets in the nation. According to Redfin, South Austin is receiving an average sold to list price at 99% with approximately 30% of the homes selling for more than list price. The average days on market in 78704 is usually 20-40 days (depending on time of year) and more than 52% receive multiple offers. Prices in 78704 have increased 13% and the zip code now boasts a median sales price of $615,000.
For more info about this hot area and to search homes for sale, visit our South Austin Neighborhood Guide.
South Austin Homes for Sale
#2: Southeast Austin
If you have driven around Southeast Austin lately, you may be surprised at the volume of new construction. Dubbed the new Circle C, over 6,000 homes are expected to be built over the next 10 years. With new home construction and plans for new retail and restaurants spaces, the Southeast Austin resale market has been the greatest beneficiary so far. According to Redfin, homes in Southeast Austin are selling in, on average, 14 days with 30% of the inventory closing for more than list price. One major component of the Southeast Austin real estate market that seems to have a stronghold in the area are investors. About 46% of sales have been cash deals. Although all cash does not always translate to investor activity, it is a strong indicator that investors are interested in the area. When you look at the numbers, you can’t blame them. Southeast Austin is one of the most affordable neighborhoods closest to Downtown with a median price of $197,000.
For more info about this hot area and to search homes for sale, visit our Southeast Austin Neighborhood Guide.
Southeast Austin Homes for Sale
#3: Northwest Austin
Northwest Austin is home to large, high tech employers like eBay, IBM, Apple and Google. With a plethora of high paying tech jobs, the Northwest Austin real estate market is expected to remain strong in 2016, securing its position as the 3rd hottest market in Austin. But, employers aren’t the only driver that brings home buyers to the area. Buyers are drawn to Northwest Austin for its relatively central location, highly rated public schools, large custom homes and its hill country setting. Because of the area’s desirability, the median home price is relatively high at $360,000. However, higher prices are not scaring away homebuyers. 29% of homes are selling more than list price and nearly 60% of homes on the market are receiving multiple offers.
For more info about this hot area and to search homes for sale, visit our Northwest Austin Neighborhood Guide.
Northwest Austin Homes for Sale
Not Interested in the Hottest Austin Real Estate Markets?
If you are relocating, moving up or downsizing, there are plenty of great Austin neighborhoods to consider. South, Southeast or Northwest Austin might not be the ideal places for you and your family. The good news is, most areas of Austin have held their values, if not appreciated, in recent years. Need help figuring out the best area of town for you? Simply send us an email at info@11OaksRealty.com or fill out our Austin Neighborhood Finder. We’re pretty good at taking your vision of what you’re looking for in an area or neighborhood and telling you where you can find it in Austin.
Considering Buying a Home in Austin in 2016?
As the Spring market approaches, we are anticipating another strong buying season with multiple offers, overbids and minimal days on market. Though that may sound intimidating, we’ve helped many many buyers successfully purchase in strong markets. The key is preparation and expectations. If you plan on buying in 2016, start as early in the year as possible. The first step if you are planning to get a loan for the property is a loan pre-approval. The next step is a diligent and proactive home search. Our team of buyer’s agent specialists can help you come up with a more detailed game plan that will ensure your success. For more info about our team, check out our Austin Home Buyers page. Then, call us at (512) 827-8323, email us at info@11OaksRealty.com to schedule a no obligation consultation.