The Texas Luxury Real Estate Market Booms in 2014
The Austin luxury real estate market, as well as the rest of Texas, is experiencing a surge in sales. That's the latest news coming out of the Texas Association of Realtors. The association's 2014 Texas Annual Housing Report shows that all sectors of the market have experienced substantial growth.
Driving Forces Behind Real Estate Growth in Texas
Those that have kept their eye on the real estate industry in Texas will know there are three key contributors to the increase in sales this year. They are:
- Jobs
- Population Growth
- Economic Stability
The increase in sales and sale prices aren't a result of inflated numbers or speculation, which was the case in some areas of the country before the bubble burst in 2008. The increase in real estate sales in Texas is a result of more residents who need a place to live.
The Austin region in particular has experience a huge influx of new residents, which resulted in three of the surrounding areas making the list of fastest growing cities in the U.S. Those cities were San Marcos, Cedar Park and Georgetown. Earlier in the year the Austin Business Journal reported that 110 people a day were moving into Austin. When the entire metro area was included that number jumped up to 150 people a day.
The Expansion of Austin Luxury Homes
Because the Texas real estate market and jobs remained fairly stable throughout the recession, it drew the attention of buyers from all over the world. So much so, Texas is currently the U.S. leader in home sales made by international homebuyers. This has helped the luxury real estate market make a resounding recovery over the last few years. TAR is reporting that in 2014 the luxury home market became one of the fastest growing sectors in the industry. Right from the start, luxury home sales were reportedly 35% higher year-over-year in January of 2014.
The Austin luxury real estate market is the perfect example of this surge in growth. The custom luxury homes for sale in Austin are no longer isolated to Westlake or downtown. In 2014 areas like Bee Cave that are further out from the city center became hot spots for luxury buyers. Developers in Bee Cave recognized the demand for properties that offer more peace and privacy while still being a very easy commute into downtown Austin.
Developers in communities like Spanish Oaks are also capitalizing on the captivating beauty of the Hill Country. This unique region of Texas provides some of the most impressive home sites for Austin luxury homes. It's further proof that the market of luxury homebuyers is growing in the capital city, and many are attracted to an authentically Texan living experience.
