Gas Prices and the Housing Market

Posted by Crystal Olenbush on Thursday, June 5th, 2008 at 8:29pm.

The entire nation has been struggling with rising gas prices and that includes Austin.  Thankfully the gas prices in Austin are a little lower than in other parts of the nation.  (According to a recent report, the National average recently jumped to $3.96 per gallon while the average gallon of gas in Austin was $3.83.)  Still, prices are much higher than they were just a year ago and that can be a factor when deciding on a home to purchase.

We have been seeing lots of new condos and townhomes being developed in the Central Austin area, and numerous high rise condo towers are being constructed in the downtown core.  The downtown residential development is a trend that has been in place for several years now, but rising fuel costs just give buyers one more reason to consider a condo close to employment and entertainment.

Of course many residents do not work downtown and they might live and work in the suburbs with a short commute from their homes.  For others the need for a large home with a yard may outweigh the burden of a long commute, and for those homeowners it pays to comparison shop for gasoline.  The website helps drivers find the best deals on gas and is updated throughout the day by fellow drivers.

Another recent development in Austin has been the addition of a new commuter rail system.  As the rail system grows we expect to see increased demand for properties with close proximity to the rail stations.  Rising fuel costs will most likely increase the usage of the new commuter rail.

With the gas prices almost a dollar higher than at this time last year, it pays to consider location and commute times when purchasing your new home.

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