AUSTIN, TX--(Marketwire - April 01, 2013) - As the state tagline suggests, Texas really is "like a whole other country," with recent real estate and economic indicators making it clear Texas and state capital Austin stand heads above most of the nation.
Regent Property Group, a premier luxury home brokerage in Austin, revealed Austin residential home sales jumped 18 percent in February 2013, compared to February 2012. Sales prices increased 8.17 percent, equaling a median home price of $259,000 -- an approximately $20,000 jump in median sold price over one year.
Austin luxury homes sales -- an indicator of even deeper wealth and financial health -- also are tightening. Of the almost 80 Austin luxury homes (those over $1 million) pending toward the end of March 2013, the average list price was $1,655,629, and the median list price was $1,420,000. This has resulted in more pressure on those performing an Austin home search.
Why such a big jump in this Texas hub? For starters, this is the third year in a row Austin was named the fastest growing city in the United States by Forbes Magazine. Houston ranked second, Dallas ranked third, and San Antonio ranked ninth. Healthy labor markets, low unemployment rates, an absence of state income tax, and a business-friendly regulatory environment -- all touted in Governor Rick Perry's recent economic development trip to California -- played a large role, according to Forbes.
In addition, Texas' dynamic state economy earned an honor of "2012 State of the Year" by Business Facilities magazine for its job-producing engine and an economy that rivals the top countries in the world, including the U.S. economy. U.S. Department of Commerce data show Texas is the top exporting state for the 11th year in a row, with 2012 Texas exports totaling $265 billion.
"Texas' economy is a driving factor in the health of the real estate market statewide and in Austin," said Regent Property Group Founder Brian Talley. "Home buyers appreciate stable markets, built-in value, and optimism for future appreciation. All three of these factors can be found in Austin and in many parts of Texas."
About Regent Property Group:
Regent Property Group is a leading Austin real estate and luxury home brokerage, helping clients buy and sell luxury homes in the greater Austin area, including Lake Austin, Eanes ISD, Westlake, and downtown.