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Real estate in Austin continues to be a hot commodity in the New Year, as Austin was recently named the #1 “best buy” city for real estate in 2015 by a recent study released by Forbes. To determine the rankings, the study looked at whether the market was over or undervalued, as well as the amount of economic growth and opportunity available in each city. Though Austin is one of the few cities on the list that currently has an overvalued market, it still took the top spot due to the above average economic landscape as well as the robust population growth that shows no signs of slowing down. Texas holds the largest number of spots on the list, with Houston, Dallas, San Antonio and Fort Worth also making the cut.
Additionally, sales of million dollar homes are on the rise in Austin. The luxury market saw a 9% increase in 2014 to make up 2% of Austin’s home sales, higher than any of the other markets in Texas. Austin’s growth as an international destination for out-of-town buyers and the area’s recent economic prosperity are cited as reasons for the increase. But even without the luxury boost, Austin’s market continues to flourish as developers rush to meet the demand, with many new real estate projects cropping up within the neighborhood of The Austonian downtown luxury condominiums.