In a recent study by RealtyTrac, metros with a population of 500,000 or more were analyzed to find the cities that had the highest appreciation in 2014. RealtyTrac analyzed median sales price in year over year numbers and found Austin showed the 7th highest appreciation in the US. All of the cities in the top 11 had double digit appreciation in year over year numbers. If you’ve read our Austin Real Estate Price Reports, you’ve gotten a month by month look at how the Austin real estate market was performing.
Austin Showed 7th Highest Appreciation in the US
Austin showed a 17% increase in the median home price of homes in 2014 compared to 2013 numbers. Of metro areas with 500,000 or more people, this 17% increase was 7th in the United States.
Top 11 Markets with Highest Appreciation in the US
Here are the top 11 real estate markets with the highest appreciation in the US according to RealtyTrac’s comparison of median home prices in 2014 compared to 2013.
- Toledo, OH: +33%
- Detroit, MI: +27%
- Cleveland, OH: +21%
- McAllen-Edinburg-Mission, TX: +21%
- Dayton, OH: +20%
- Memphis, TN.: +18%
- Austin, TX: +17%
- Miami, FL.: +16%
- Houston, TX: +16%
- Cincinnati, OH: +15%
- Chicago, IL: +15%
Ohio showed some very strong appreciation and many of these Ohio cities are coming off depreciation in the year preceding.
You can read more about the figures here.
Austin Homes Worth More this Year than Last
Which means, if you’re thinking about selling, strike while the iron is hot. Buyer demand is still strong and if this Spring is like our past 3 Springs, buyers will be back in full force. Interest rates are expected to rise in 2015, which will have an impact on affordability for buyers. Get your homes ready to sell now and you’ll be able to take advantage of the increasing prices.
What Does this Mean for Austin Home Sellers?
If you’re considering selling your home in Austin, it seems now is an ideal time to do so. Though prices have been on a steady climb for the past three years, you never know how long it will last. With more and more people moving to Austin, steady job growth predicted to continue and low unemployment, buyers are looking to get into the market or trade up. There is very little inventory on the market and homes that are marketed properly will find a buyer quickly.
What Does this Mean for Austin Home Buyers?
It’s not secret Austin’s real estate market is on the rise. Home have continued to increase in value for the past three years and it doesn’t seem like it will slow down. If you’re looking to be a homeowner, buy the very best location you can to hedge against any market down turns. Though prices are up, interest rates are at historic lows – and they’re expected to rise. Once interest rates go up, you’ll be able to afford significantly less with the same monthly payment. We’ve helped buyers in these types of markets for decades and can help you too! Check out our Austin Home Buyers section to learn more about our team and why we’re the best buyer’s agents for you.
Impossible to Time the Market
Whether you’re buying or selling a home in Austin, you won’t know if you sold at the peak or bought at the bottom of the market until after you’ve closed. The only way we know peaks or valleys in markets is when they’ve happened. Some are lucky enough to be able to buy at the absolute bottom or sell at the peak, but most people buy and sell somewhere in between. If you’re trying to plan the perfect time to buy, you’ll be planning for the rest of your life. Make a decision based on your life and what works best for you. The market should be a consideration, but not the only one.
Considering Selling a Home in Austin?
Our team of experienced Realtors know how to get top dollar for you home. We’ll walk you through the whole process – from preparing your home to sell through closing – and help you negotiate the best deal. Unlike most Realtors, we believe our marketing efforts should promote your house, not our brand. We create a custom marketing program for each home that generates more interest and showings. Check out our Austin Home Sellers page to learn more about the best home marketing plan in Austin. Then, call us at (512) 827-8323, email us at info@11OaksRealty.com or fill out our Seller Survey to schedule a no obligation consultation.