It is no secret that Austin is one of the most sought-after locations to be in right now. Not only is snow a rarity in Austin, but you will also have access to several world-class restaurants and amenities. If you cannot find what you want in Austin, you can easily find it in Dallas or Houston. And if you plan to invest in Austin’s real estate market, you may have a few questions about its current market state.
To make a sound investment, you must stay updated with all the various factors that impact the market. Thankfully, the team from NB Elite Realty has compiled this Austin real estate market forecast for 2022 to help you make informed decisions.
Factors That Drive Austin Real Estate Market Forecast for 2022
A lot is going on in Austin that is impacting the current housing market. You must understand the underlying factors to understand why the demand is rising. Two of the most significant factors that come into play are the massive population influx and the accompanying growth in jobs.
Unlike other parts of the world, Covid did not slow Austin’s population growth. Between 2020 and 2021, the overall population of Austin saw a tremendous growth of nearly 55,000 people. This makes the area one of the fastest-growing metro areas in the country, coming in behind Houston and Dallas-Fort Worth.
Besides Texas, the two largest states contributing to Austin’s population growth are New York and California. Both these states tend to have a higher cost of living than Texas, which is the primary reason people often decide to move down south.
Average Home Values
One of the most significant reasons people started moving out of major cities like New York and Los Angeles was to lower their living costs by shifting to Texas. Since the population growth has been happening for some time, the overall cost of housing in Austin is rising.
The median sale price for real estate in Austin is around $475,000. Though it’s not as high as coastal cities, it is still quite expensive for Texas.
It’s also critical to note that if you find a property you like, we suggest you move fast. Most properties on the market tend to sell off in under three weeks.
Affordable Housing Options
Like other major cities, Austin has several neighborhoods that tend to have their average home rates. Tarrytown is one of the most expensive areas in Austin, with listings averaging around $2 million. It is located west of downtown and is home to several historic properties.
However, if you are more interested in affordable housing options, you should look for properties in neighborhoods like West University, where you can find properties listed for around $320,000. If you are okay with living away from the action, the Manor neighborhood in east Austin offers real estate properties in the $200k to $300k range.
A Better Quality Of Life
Austin is a great place to call home. A recent report has ranked Austin the 5th best place in the country.
Austin features a healthy job market, a fantastic schooling system, and pleasant weather. Moreover, the city is home to two high-ranked hospitals: St David’s and Ascension Seton Medical Center. You can even find many recreation opportunities in the form of parks and walking trails across Austin.
Connect With NB Elite Realty To Book A Property In Austin Today!
With so many factors influencing the Austin real estate market forecast for 2022, it is on its way to immense growth this year and beyond. However, if you want to make the most of your real estate investment in Austin, we suggest you partner with an experienced real estate expert. All our real estate professionals from NB Elite Realty have undergone extensive training from Nebo Bandovic – a reputable and experienced real estate investor in Texas.
Whether you wish to invest in your primary residence or are more interested in purchasing a rental property, you cannot go wrong in Austin’s ever-growing and dynamic real estate market. If you want to stay on top of the real estate market in Austin, you must contact our experts immediately! Call our team at 844-444-6237 to build a killer real estate investment portfolio in Austin, Texas.