Hereโs what you need to know about Austin Real Estate today:
-
- Austin’s housing market braces for a downturn, prices may drop 12%. ๐๏ธ
- Texas leads U.S. in population growth, adding 473K residents in a year. ๐
- Aprio and Ridout Barrett merger set to reshape Texas’ business landscape. ๐ค
- Solar panel costs surge amidst Texas’ real estate boom. โ๏ธ
Real Estate Market Dynamics and Growth
Austin Housing Market About to Hit Turning Point
Source: Newsweek
Summary: Austin, Texas, a city that grew rapidly during the height of the COVID-19 pandemic, is predicted to experience a downturn in house prices. With a population growth of 5% between 2020 and 2022, the increased demand for housing drove prices skyward. However, the high prices have caused buyers to hesitate, leading to an oversupply in the market. Current housing inventory is now above pre-pandemic levels, with prices standing at 55% above 2019 prices. Experts predict a 12% reduction in home prices in 2023, with this correction expected to continue into 2024, albeit to a lesser extent. Despite these fluctuations, Austin remains an attractive location for potential migrants.
Why this matters: Understanding the upcoming correction in Austin’s housing market can help readers anticipate market trends, adjust their pricing strategies, and provide valuable advice to their clients considering investments in the Austin real estate market.
Texas added more people than any other state in the past year, new census estimates show
Source: KXAN News
Summary: Texas is leading the nation in population growth, with an increase of 473,453 residents between July 2022 and July 2023, making it the state with the highest population increase in the U.S. This raises the state’s total population to an estimated 30,503,301. While the U.S. Census Bureau is yet to release updated 2023 estimates for counties and cities, figures from 2022 reveal that Austin is among the top five largest cities in Texas.
Why this matters: With Texas, and particularly Austin, experiencing substantial population growth, real estate professionals can anticipate an increased demand for housing and services, providing a ripe opportunity for expansion and business growth.
A new report shows Austin is behind on its affordable housing goals
Source: Austin Real Estate Gazette
Summary: Austin’s city leaders have set an ambitious goal to build 60,000 affordable housing units by 2028, but a recent report indicates that they are lagging behind their target. The affordable housing crisis remains a critical issue, leading to an increasingly competitive real estate market.
Why this matters: Understanding the current state of Austin’s affordable housing goals can help real estate professionals identify opportunities, align their strategies with the city’s needs, and provide valuable insights to their clients.
Austin Apartment Demand Boosted by Improved Consumer Sentiment
Source: Costar.com
Summary: Austin’s apartment market is experiencing increased leasing activity in 2023, primarily driven by cooling inflation and a more stable economic landscape that have boosted consumer sentiment. This uptick in demand is a positive development for the city’s residential real estate industry. With more people looking for apartments, there’s potential for higher occupancy rates and, consequently, a possibility of rental price growth. The improved consumer sentiment indicates a robust local economy, which is a good sign for property investments.
Why this matters: Austin-based real estate professionals can leverage this information about the thriving apartment demand to inform their property investment strategies and advice to clients, ultimately driving their business growth in the residential real estate sector.
What Is the Cost of Solar Panels in Texas?
Source: The Central Texas Real Estate Chronicle
Summary: The Central Texas real estate market is currently experiencing an unprecedented boom, driven by substantial migration from other states, particularly California. This influx has led to a surge in residential, commercial, and industrial real estate sales, with home prices and rents increasing at record rates. However, this growth also poses challenges, including inventory shortages and affordability issues. Additionally, the region’s agricultural sector is seeing a renewed interest, with farmland value appreciating due to the rising demand for local produce and wine.
Why this matters: To navigate the rapidly evolving Central Texas real estate landscape, professionals should focus on staying abreast of market trends, cultivating relationships with out-of-state clients, and exploring opportunities in emerging sectors like local agriculture.
Business Expansions and Mergers
Growth for Aprio continues with Expansion to Texas through Merger with Ridout Barrett & Co. CPAs & Advisors
Source: PRWeb
Summary: Ridout Barrett & Co. CPAs & Advisors (RBC), a firm with a significant focus on the construction industry and real estate sector, and Aprio, a premier business advisory and accounting firm, are merging as part of Aprio’s expansion into Texas. This development is part of a strategic growth plan expected to quadruple Aprio’s presence in Texas over the next five years. The merger will allow for broadened strengths and capabilities across several industries, including real estate and construction, and anticipates shifting market dynamics.
Why this matters: The merger of RBC and Aprio could bring new opportunities and resources to real estate professionals in Central Texas, including increased advisory services and strengthened capabilities in the construction and real estate sectors.
