Austin Real Estate Market
The Austin real estate market has been an interesting market to follow over the past decade. National real estate trends don’t always seem to apply to Austin as the Austin market seems to march to the beat of a different drum a lot of the time.
When the housing bubble finally burst across most of the U.S. in late 2006, the Austin real estate market continued to go strong. It continued strong through much of 2007, and although it did eventually slow down long after most other markets had already burst, Austin never saw the steep declines in home values like most other markets did. Values did drop by a few percentage points and inventory did go up, but overall, the Austin real estate market remained relatively strong and stable.
It seems each month now continues to bring more and more positive news with respect to the Austin real estate market, and there are several factors contributing to this success. The Austin economy is growing and adding many new jobs each week. Because Austin is seen as such a great place to live, many companies are eager to locate to Austin because they know it will be easy to attract skilled labor here.
Another contributing factor is the current housing shortage in Austin. It’s a simple case of supply and demand, and there aren't enough compatible homes to meet the increasing demand. Builders in the Austin area slowed a little more than they should have from 2009-2012, and now there isn’t enough proper housing to meet the demands of Austin’s growing population. Austin was recently listed as the fastest growing city
in the country, followed by Houston and Dallas, and the Austin real estate markets needs more compatible housing to meet the demands of its growing population.