Does austin housing have any potential to grow in the future given it spiked up too much during covid? I hear a lot of news about housing crash in austin because of people leaving back to cali. Was wondering if this is the right time to buy in Austin.
It was a bubble that popped but Iām overall bullish on Austin. There are still lots of big companies there that donāt plan on leaving. I have family west of Austin near Teslaās factory, I suspect that land (and homes) out there will boom bc Austinās growth will surely go west first and eventually swallow the factory
Not to āwell actuallyā you but the Tesla development is on the east side of town. Lots of development NW but thatās unrelated.
Forgive me Iām an idiot and forgot my east and west lmao
Population will continue growing, prices are correcting because they build a lot of new construction.
Are you asking as an Austin resident looking to buy a primary residence, or as someone not living there but looking to buy as an investment property?
Definitely had a huge run up during Covid. Not a bursting bubble. Likely to stay flat or drop slightly in the near term. Slower but steady growth over the long term.
It's very dependent on the area: - New subdivisions that are actively building are going down fast. If you are buying in one of these areas, make sure to negotiate hard. - Established neighborhoods with good schools seem to be doing relatively well. Nice homes are being snatched up quickly still, sometimes with multiple offers. - Areas like East Austin and South Austin that were hot for investors are not doing well. A lot of overpriced homes are sitting on the market.
A lot of the people bringing up homes that arenāt selling in Austin miss the fact that a lot of people are asking 2021 prices. Rather than a bubble bursting I think the market has normalized a bit, weāre gonna see more growth NW through Cedar Park and Leander and hopefully some more reasonable prices in town.
Whoever has voted strong are the ones who moved and are stuck
Whoever voted for other option are the people who want the price to go down in Austin so that they can buy a home at a cheaper price. And you see that percentage of people voted for that option is much higher, which proves that lot more people are looking to buy homes in Austin area, which means the prices will soon go higher once interest rate and job market stabilize
You have time to type this long message on a sat because itās so hot outside that you cannot go anywhere.
The next president will print more money than his predecessor. Long live the housing and stock market bubble š
Bitcoin for the win
Austin is not like west coast. The massive run up during Covid is due to west coast folks migrating to Austin from remote work opportunities. That wonāt last. See, Austin has massive land dispersed over 10s of miles. Thereās so much flat lands between every neighborhood. So no reason for prices to go up. West coast on the other hand is concentrated. Not much space left unless u drive 1 or 2 hours out of city. Value is in the land but not the houses. If u want a primary home with good job opportunities, stick to west coast. If u want to invest, look in other mid west and south east states. If u want to have consultancy jobs with affordable housing but no nature, then move to Texas.
āSo no reason for prices to go up.ā As long as the Fed keeps printing money, house prices will continue to go up. They wonāt grow as fast since we do have plenty of room to build but Austin population is still growing and despite what you may hear companies continue to move here and expand here due to favorable regulations, taxes and economic factors. We donāt have geographic constraints or NIMBY like CA and so housing will still be affordable beyond the top 1%. Houses can be affordable or great investments but they canāt be both. Also, I think itās adorable that you believe there is no nature here. Shows your ignorance.
Eh? What nature is there exactly? Mountains, miles of green landscapes? Itās called dry lands for a reason. Sure some small patches here and there but thatās not what am talking about. If u want to know what nature means, visit Seattle. Now about housing affordability. Well just the prop taxes alone make a huge dent. Housing in Texas doesnāt appreciate the same way as rest of country. Pay is tier-2 class for most of companies. āHouses can be affordable or great investments but not bothā What? R u a realestate investor? If not, u have no clue what u r talking abt. Source: I lived in both Austin and Dallas. Still visit often but mostly for friends. I own RE rentals managed remote.
Itās kind in free fall atm since housing prices went up 50-100% up pre covid to itās peak All the transplants leaving and bubble bursting , itās hard to guage it as an investment . If you live there anyway then it makes sense
the population of Austin is still growing. from 2022 -> 2023 it grew 2%. Not sure where people get this "everyone is leaving" but it's wrong. https://cbsaustin.com/news/local/austins-growth-rate-slips-to-second-place-after-12-year-metro-area-growth-streak
More people are leaving than coming in https://www.kut.org/austin/2024-03-19/austin-population-census-data-net-migration