All eyes are on the Austin housing market. With prices soaring higher and higher, appraisal waivers becoming part of the norm, and multiple offers coming in, many have questions about how long this market can last.
Economic and real estate experts across the country believe that it’s sustainable for years to come. The housing markets that are in jeopardy of struggling after the record highs of 2020 and 2021 are what some are calling “bubble markets.” These markets will struggle with demand and risk popping.
With Austin’s job growth, it’s unlikely that the demand for homes will slow. Even if home buyers decided to pull out of the market, there are more than enough potential homebuyers waiting in the wings to take their place and sustain the housing market.
Businesses are relocating to Austin, and new businesses are opening their doors, keeping the job market healthy, drawing in new residents, and giving current residents the boost needed to become homeowners. Austin’s economy has been in overdrive for decades, and it’s likely what will save the city’s housing market.
Austin has continuously been seen as a safe place to land in times of need. During the past economic recessions, Austin’s economic and housing markets rebounded quicker than many of the markets in the rest of the country. Austin’s reputation as a secure market with fewer costs makes it a hot relocation spot that will prolong the market.
The increase in home sale prices and the appreciating values of homes is expected to continue for the next couple of years. It’s not a market that can last forever, especially with inventory levels lasting days and weeks, rather than the months needed for a healthy market.
Homes are selling just as quickly as they enter the market, and some homes are even being sold before they hit the market. Austin is making history with its current market, and experts agree that it’s sustainable. With nearly 170 people moving to the area a day and more than a dozen company headquarter relocations expected to take place in 2021, the market is hot and only getting hotter.
If you have questions about the Austin housing market, or if you’re weighing whether to sell your home now or wait, contact Prism Realty. We’re here to offer our expertise, and we’ll be by your side every step of the way –- give us a call at 512-676-5842.
