The location of Austin, the state capital, is in the Hill Country region of Central Texas, surrounded by rivers and lakes, including the Colorado River. The city is the 11th most populated city in the Nation as well.
Read this space to know why this perennial real estate investor favorite could attract investors again this year.
Table of Contents
Economy in Austin, Texas
The economy in Austin is as diverse as Austin’s residents. Due to its diverse economy it had earned several nicknames which are well deserved, such as
Keep Austin Weird, Live Music Capital of the World, and Silicon Hills.
Numerous high-tech companies of the world including Apple, Amazon, and PayPal have their base in Austin!
Major industries such as The technology, biotechnology, and pharmaceutical sectors are keeping the Austin economy booming.
Looking at Austin’s economy, why won’t any investor want to invest in real estate here…Opines Hirav Shah, Real Estate Strategist and Real Estate Business Advisor.
Quality Of Life in Austin, Texas
Austin offers an incredible quality of life. Young professionals are flocking to the capital city of Texas due to its booming job market, happening nightlife options, diverse dining scene and outdoor experiences.
Looking at Austin’s quality of life, why won’t any investor want to invest in real estate here…Tells Hirav Shah.
Real Estate Market & Statistics in Austin, Texas
Austin’s residential real estate market is “extremely hot,” with prices rising dramatically over 2021. Two of the numerous reasons why the demand for housing in Austin is so high is the region’s strong in-migration and rapidly recovering economy.
Skyrocketed are the median sales prices by 29%, yes and year-over-year, average days on market have plummeted by 13 days, with only 0.8 months of inventory on the market.
Austin’s Home Value Index (HVI) is $612,645.
Austin’s home values have increased by 39.4% over in 2021.
Home values in Austin have increased by nearly 90% over the past five years.
Median sales price for an Austin’s home is $470,000.
Sales prices for Austin’s homes have increased by 29% year-over-year.
Average days on the market for a home in Austin is 22.
There is less than a 30-day supply of homes for sale in the Austin metropolitan area.
Tarrytown is the most expensive one, with a median listing price of $2 million, of the 83 neighborhoods in Austin.
West University is the most affordable neighborhood to buy a home in Austin where the median listing price is $322,000.
Also, Austin has an Attractive renters’ market, and actually it ranks among the top 30 best cities for renters. No wonder, more people in Austin here rent than own.
Final Thoughts
The hottest housing market in 2021 was Austin. Due to the out-performance of the local technology industry, shift to remote work, and relative affordability, the Austin real estate market stands out.
Homes in Austin are still half as expensive as in other major metros, even though single-family home prices increased by more than 33% (through Q3 2021).
So, let Austin be one of your first preferences for real estate investment in the US in 2022-Concludes Hirav Shah, Leading Real Estate Astrologer, Strategist, Advisor, and Guide.
