Are you considering being a homeowner in Austin in 2019? Is the idea of investing in real estate one of your goals for the year? You need to make an early consideration. The real estate prices in Austin will continue rising throughout the year.
Austin housing marketing is gaining popularity in Texas. Despite its small size, the housing market has doubled since 2010. The town has a population of two million people. It is eighth in the ranks of the best real estate in Texas considering its rapid growth.
The Austin real estate provides a great venture in investment, judging by the constant growth it has registered over the past few years. Home prices have appreciated over the past ten years, while property taxes have also increased.
To make the best decision about home ownership in Austin, it is imperative to know how the market works. Below is a guide to the housing marketing and real estate forecast for 2019. It will enable you to navigate the Austin real estate market and make an informed decision.
Nature of Austin Housing Marketing, Texas
One of the most prominent questions going around is whether Austin real estate is going through a housing bubble. The answer to that concern is that the Austin real estate market is in high demand with people seeking housing at a steady rate.
Good news for potential investors!
In 2018, the first half of the year registered a steady increase in sales in the Metro area. The increase was especially seen in single-family homes. But, the situation is due to change in 2019. The growth rate of real estate is projected to increase throughout the year.
The steady demand for housing in Austin, Texas combined with the low supply is making the market competitive among home buyers. But, the impact has been on Austin residents. People moving from other states find the home prices to be a bargain.
The increasing population in Austin is the reason for the high demand for housing. Austin is 11th in the list of most populated United States’ cities. This is approximately 20% growth since 2010. Thus, providing the required market for housing.
Real Estate Forecast for Austin’s Market
The value of buying a home in Austin is approximately $365,600. The number shows that housing prices have increased by 7.6%. An extra increase of 3.6% is expected in 2020, following the same trend.
Market forecasts show a positive trend in Austin housing marketing for 2019 with a projection of 85% increase.
Projecting into the future, Austin’s real estate market is expected to keep growing in the next three years. Between the year 2019 and 2021, the housing prices are expected to steadily increase. As a result, the value of houses projected to be higher in the 3rd quarter of 2021 than they were in 2018.
The number of home sales in Austin has increased by 15% between March and April 2019. This has emphasized the position of the real estate market in Austin, Texas. Austin real estate marketing focuses on the increased number of millennials who are working to become homeowners.
It is worth noting, the high population of millennials is keen on finding good houses for sale at affordable prices. This has led to competitive prices in the Austin real estate market
The Austin housing marketing favors sellers as the increased prices reflect. Thus, an investment in home ownership in Austin works better when done early.
The population in Austin has increased since people and companies have relocated to the city. This has created a market for the housing sector.
As compared to other cities owning a home in Austin is relatively affordable. The number of new homeowners in the city according to reports as of May 2019 is 12500 residents. The good economy projected by the city has attracted most of these home buyers.
Why Invest in Austin’s Real Estate?
• Strong Economy
Austin, Texas, has one of the strongest economies, which is an imperative consideration when investing. The Austin real estate market has been growing due to the strong economy. So, homeowners, have little to worry about.
Austin’s economy is ranked as number one in Metropolitan cities in the United States. Compared to the national average of unemployment, which is at 3.9%, Austin stands at 2.7%.
Austin has also registered high growth in the job market. This is a result of the increase in the number of companies to the city. Investors and tenants have been drawn to Austin due to the stability it projects.
The population in Austin, Texas, is constantly increasing. The massive migration is attributed to its affordability and economic stability. Also, the surge of potential investors in Austin is due to the large student population that is a target for the housing market. Thus, the increased number of companies and businesses has increased real estate clientele.
• Affordability and Rate of Appreciation
Compared to other cities like such as Diego and Seattle, the cost of real estate in Austin is affordable. The increasing population has increased demand, and as such, the appreciation rate of real estate in Austin is on a high.
In that case, if one is looking to invest in real estate, the time to do so is now considering the appreciation rate. More so, investing now would translate into higher profits.
Living in Austin, Texas
Austin is a lively city characterized by music, wild spirit, and free-thinking. Other cities in Texas are relatively quiet and conservative.
Even though the housing prices are increasing, Austin provides one of the most affordable costs of living. It ranks as having a cost of living that is 3% below the national average. Besides, the housing price is 15% below the national average.
Austin housing marketing is rapidly growing with the increased interest in the real estate market due to the increasing population.
With the appreciation rates in the Austin real estate, it is better to start your journey towards home ownership early. Investing early will give you the greatest returns.
Check out our page to learn more about the real estate market in Austin and become a homeowner.