All eyes are on the real estate market, especially with some of the industry leaders releasing their national predictions for 2021. While many predict to see a growth in sales at a slightly lower rate than we saw in 2020, Austin is expected to be the top housing market of 2021.
Austin was a leader in the real estate market trends of 2020, and it’s expected to continue in 2021. While some markets are expected to outperform the national housing market, economists, strategists, and real estate experts worldwide are predicting that Austin will have the most significant difference from the national market.
In December of 2020, Austin’s median list price had risen by nearly 25%. This was the biggest year-over-year increase seen among the 50 largest markets in the country. The predictions that Austin would outpace the large markets in 2020 was spot-on, and the predictions are saying the same will be true in 2021.
There are several factors that are driving this growth, including Tesla’s gigafactory, Apple’s new campus, Samsung’s expanded chip factory, and Amazon creating distribution centers in neighboring towns. As Austin booms as a tech city and draws in relocators from the San Francisco area, the real estate market will continue to see more sales and lower inventory levels.
Compared to the east and west coast cities, Austin’s housing is affordable for family-sized homes and offers a booming economy, sunny weather, and tons of amenities. We’re unlikely to see less pressure on housing prices for the foreseeable future as the low mortgage rates and a surge of buyers has pushed the demand for homes through the roof.
All of these factors add up to a hot housing market for Austin. What are your predictions for the Austin real estate market? Share them with us! We’re always happy to talk about how the market is changing, and if you have questions about buying or selling your home in the coming months, contact Prism Realty. We’re experts at helping our clients navigate the fast-moving market!