AUSTIN -- Austin's rapid population growth is fueling a surge in the real estate market.
According to a new report by the Austin Board of Realtors, home sales increased 37 percent from October 2011 to October 2012. Median home prices are up five percent. Condo prices are up three percent from last year.
"We’ve got lots of good things going on in our marketplace right now," said ABoR Chairman Leonard Guerrero. "We have people coming in the area from all over the country."
Since 2010, more than 150,000 people have moved to Austin according to the U.S. Census Bureau. The current Austin area population is 1.8 million.
By 2030, some economists predict those numbers could double or even triple.
"I wish we could keep it a bigger secret, but we aren’t going to be able to do that," said Austin resident Terry Whipps. He moved to Austin last year.
Several new hotels are also planned for the North-Northwest Austin area. A high-end, retro hotel called Lone Star Court will open in The Domain this spring. A Holiday Inn will be built by late summer at Highway 183 near Braker Lane. A total of eight new hotels could cater to Austin's bustling economy and growing number of visitors.