Austin, Texas has been showing a steady growth rate over the years. The revival of its infrastructure combined with a progressing economy makes it one of the fastest growing cities in the USA. Austin real estate has thus been revived and now faces market pressure in meeting the demand of the domestic public and investors alike.
Austin the capital of Texas situated in the southwest region of America is among the top five fastest growing cities in the US. Its cultural identity combined with a thriving economy influenced by low interest rates and availability of owner financed homes have contributed to its growth. However, economic progress brings with it investors and new residents seeking improved quality of lives this is where the Austin real estate market plays a major role with the demand for corporate and domestic property creating pressure of demand exceeding supply.
Real estate statistics predict the construction of 6500 homes in 2012 alone. Prime property in Austin can be found dispersed over the main four neighborhoods of the city being central, the northwest, east, and south. West Lake Hills needs special mention as the area now functions independently with a city mayor and council. West Lake Hills real estate offers scenic views of natural beauty where care has been taken to preserve the natural surroundings in both domestic and commercial areas. Properties available are country side garden homes and cottages being offered at an average price $897,968. The price range most in demand is from $400,000 to $600,000.
Austin Neighborhoods: Old World Charm Combined with Modernization
The northwest neighborhood is fast emerging as a well-established area with attractive old style homes built between the 1960’s and 90’s. Included in the northwest region, are some of the prime areas in demand such as Highland Hills, Shinoak Valley, Cat Mountain and Twin Mesa. Spaced over well planned areas complete with streets lined with adequate greenery, a host of churches, shopping malls and commercial areas, the northwest is an ideal residential location.
The unique vintage character of Central Austin with its old styled mansions and cottages with 1920’s architecture, make this area extremely appealing to those wanting a home with class. However class comes with a price tag making central Austin property expensive and sought after by corporate and businessmen wanting an impressive home. The average sale price is about $655,000 with prices as high as $2,000,000+. There is a constant demand of the $400,00 to $700,000 price range. Central Austin’s quaint little town atmosphere is close to natural surroundings such as the lakeside area with real estate available alongside the lake as well.
Apart from the popular neighborhoods there is the outer circle areas like Northwest Travis County, Barton Creek, West Austin, Cedar Park and Georgetown to name a few. Prices are relatively lower and available at an average price of $155,000 to $300,000. Whichever neighborhood may be the choice, it will always be good value for money due to the progress of the city where Austin real estate values are estimated to rise with every passing year.