Why the Austin Real Estate Market Continues to Remain Strong
By Grace on Sep 18, 2008 in Austin
According the U.S. Census Bureau, the population in the Austin/Round Rock area has increased 43 percent since 1997. Almost 1,600,000 people now live in the area, and this growth trend is expected to continue as far ahead as 2020, according to a report issued on July 3 by the Texas A&M Real Estate Center.
Coupled with an expected increase in jobs and low unemployment rates over the next ten years, and you have a recipe for success. So the question to ask is, Why Austin?
A good retort would probably be, Why not Austin? Let’s look at the statistics set forth by the Texas A&M Real Estate Center report:
- Austin/Round Rock led the state in population growth from 1997 to 2007, and the area has been listed among the top 10 cities for growth.
- More than 65,000 people moved into the city of Austin and its surrounding areas from 2006 to 2007 alone.
Austin has maintained a steady real estate market (thanks in part – ironically- to the tech recession of the early 2000s), unlike areas such as California which saw increased in property values of as much as 200 percent, which has protected Austin real estate from becoming overly inflated, which then often causes the real estate bubble to burst when economic times become difficult.
Although Austin has recently experienced a sharp upturn regarding the number of homes currently on the market, it is likely because of the effects of the sour housing market in other parts of the country. Buyers are waiting it out to see if prices will dip lower, which has caused a slight decrease in prices in some areas, but overall prices have remained steady.
Austin and the Texas Hill Country are expected to achieve a healthy economy for the foreseeable future, which means that the real estate market will continue to be one of the safest bets in the country.
