The Austin condo market has been “very hot,” according to real estate broker John B. Cramer.
According to a market update released by the real estate firm, the average price of a single-family home in Austin jumped by $3,200 to $8,100 last year, a 20.2% increase over 2015.
The market is now up by an average of $1,500 per month, according to the firm.
Austin’s condo prices are among the highest in the nation.
“Austin is a great city, but this year is very hot,” said B. Scott McLeod, managing partner of McLeod & Co. “It’s very exciting to see condo prices rising.
I would say that this year they’re likely to be at or above the $8 million mark.”
McLeod added that he expects condo prices to continue to rise over the next several years.
Scott McLaughlin and Associates McLeod & Partners is a global real estate brokerage, specializing in the high-end residential and commercial markets in North America and around the world.
It also manages a number of other companies that are also real estate brokers.
McLeod is based in Austin, Texas.