Austin Home Sales Rising; Suburbs Stand to Gain the Most
Residential real estate growth is becoming more and more evident in Austin as sales in the suburban periphery continue to rise. Sales that were once confined to downtown Austin are now radiating outward, as buyers look into investing in suburban homes that are within the boundaries of downtown.
Records show that home sales in Austin reached 1,340 in June and a 4.4% increase in year-over-year sales data as confirmed by the Austin Board of Realtors. The total number of sales in Austin have reached 6,150 for the first half of 2016, which is 3.6% higher than sales made in the same period last year. Experts now believe that it could easily break its own home sales record once again.
Growth is most evident in suburban Austin, as places like Buda, Cedar Park, Georgetown, Hutto, Lakeway, Leander, and Manor reach 11.7%, 7.4%, 11.9%, 10.3%, 22.7%, 13.1%, and 39.5% year-to-date growth in sales as compared to data from 2015, respectively. Because of this exponential growth in demand, the metro's average price per square foot increased by 6.3% or $166 this 2016. The complete sales data for June can be reviewed at the official Austin Board of Realtors website.
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