Here’s what you need to know about Austin Real Estate today:
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- Austin’s housing market braces for a downturn, prices may drop 12%. 🏘️
- Texas leads U.S. in population growth, adding 473K residents in a year. 📈
- Aprio and Ridout Barrett merger set to reshape Texas’ business landscape. 🤝
- Solar panel costs surge amidst Texas’ real estate boom. ☀️
REAL ESTATE MARKET DYNAMICS AND GROWTH
AUSTIN HOUSING MARKET ABOUT TO HIT TURNING POINT
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
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.
