Posted on: August 17, 2015 by

Austin’s zip code 78729 has ranked among the hottest ZIP codes in the nation by Realtor.com. While numerous other Texas cities made the grade, Austin came in at No. 8. As homes are proving to be in high demand, ensure your Texas Real Estate E&O Liability is in effect and current.

One of the contributing factors to the recent increase in home sales is speculated to be due the presence of Apple, IBM, and Dell in the nearby city of Jollywood. As millennials make up 23 percent of the population, the affordably priced homes create an ideal opportunity for first time buyers.

According the Austin Business Journal, home sale volume has exceeded $1 billion in the month of June alone, the highest sales month in the city’s record. Barb Cooper, president of the Austin Board of Realtors (ABOR) in 2015, states “it shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas.”

In total, 3,051 home sales were recorded, showing a 10 percent increase from the month prior. The median price of a home in June was $272,250 and the average price was $333,866, which was 2 percent higher than last year.

While this could be a record breaking year for Austin home sales, ABOR is seeking to make affordability even more feasible for potential home buyers.

Here are some other noteworthy highlights from the ABOR survey, as reported by the Austin Business Journal:

• Total volume: $1,018,625,166
• Homes lasted an average of 42 days on the market
• 331 condos sold
• Median Monthly lease rate: $1,600

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Tagged: Austin Home Sales Real Estate Liability Insurance Texas Real Estate E&O Liability