Austin Market Update
Austin is becoming well known across the nation for a variety of reasons. It is one of the fastest growing cities. We are a city that rebounded from the recession in the least amount of time. We rank high on the list when “retaining college graduates.” We are continually ranking as one of the “best places to live” and one of the “safest cities to live.” The list goes on.
These rankings are verifying what Austinites already know – that we live in a wonderful city. However, what do these titles really mean to our local economy? It essentially means that we are experiencing an influx into our city – both in businesses and in sheer amounts of people.
For the housing market, this means that there is an increased need for homes. Single family and multi-family construction continues to annually increase. According to the Austin Chamber of Commerce, we are second in the “Top 50 metropolitan areas that have been building homes since 2000.” In fact, over a third of our Austin homes were built after the year 2000. That is an astounding rate of growth. At this point, multi-family homes are being built quicker than single-family homes ranking Austin sixth in the multi-family construction market.
Additionally, homes that are in well-established, communities are also seeing a shift in the market. Currently there is less inventory than we have demand, creating in many cases, a seller’s market. According to our agents, we are seeing that “homes under the $400,000 price point are being purchased quicker than they are being placed on the market.” Similar scenarios are also occurring for appropriately priced higher end homes.
So what does this mean for you? Are you relocating to Austin or moving within Austin? Every purchasing and selling transaction is a bit different as are your goals. Give us a call if you would like market information or to speak about a strategy that is tailored specifically to your needs.