Houston Ranked #1, Austin #4, and San Antonio #5
U-Haul released it’s rankings this week for the top 2015 one way destination cities from it’s rental fleet. Houston ranked at the top of the list for the seventh consecutive year, despite lower oil prices and a weaker energy sector. The Houston luxury market has taken a hit, but the demand for single family homes and influx of new residents is still as strong as ever.
Austin jumped three spots from 2014 to land at #4 on the list. Anyone who lives in Austin can attest to the huge growth and demand on our housing market. Austin home sales rose 5.1% year over year from April 2015 to April 2016, with a median price increase of 6.5% during the same time-frame. Austin has only 2.3 months of inventory, while experts consider a 6.5 month inventory level a balanced market. The lack of supply and increasing demand are driving the price increases, and affordability concerns are pushing many buyers out of the city and into surrounding areas like Cedar Park, Leander, Round Rock, and Pflugerville.
San Antonio lands just behind Austin at the #5 most common one way U-Haul destination city. San Antonio experienced a 4% year over year growth rate in April in both average sales price, and number of properties sold.
Other Texas cities are in the top 50 as well, including Dallas at #17, Fort Worth at #24, and Plano at #34.