AUSTIN (KXAN) — Realtor Elizabeth Adams, with Urbanspace, knows a thing or two about the Austin housing market.
“You know you just have to be tenacious. People are on all the sites, they call me, I call them. You just have to be ready to run,” said Adams.
As soon as a home listing goes up, the competition is fierce with several bids on the property. That is one reason some people are turning to condos.
“Simply based on the inventory, it is super popular,” said Adams.
“The reality is the biggest stressor on our market right now is we just don’t have enough inventory, and condos are one way we are going to be able to alleviate that,” said realtor Zac Barger with Wise Property Group.
Barger said when new high rises go up, they can fill up fast.
“The biggest reason is because there are waves of inventory that come, and we release new high rises,” said Barger. “So when there are 400 units available that becomes popular.”
Another reason that factors in is the price. They aren’t cheap, but they are usually priced lower than a house, and they offer amenities, but they come with HOA fees.
In March, the median home price in Austin rose to $624,000.