What You Need to Know
Austin has a strong economy, that is continuing to help drive the real estate market. The most in-demand price point for houses is under $700,000 and is attracting many out-of-state buyers.
Home Sales Performance
As we have moved back into a more stabilized real estate market, home appreciation has normalized to roughly 6.8% annually. Home prices have lowered by 5.4% in January 2023 from January 2022. We are no longer seeing multiple offers on most properties and are getting back to buyers having a bit more control. Sellers offering incentives and closing costs have become an option in a few areas.
Company Expansion Hot Spot
The influx of desirable companies that have already opened campuses, or have announced plans to do so in Austin, which has also increased the number of people looking to buy here.
Those moving here from out-of-state, especially those coming from more expensive real estate markets might expect to easily land a dream home at a dream of a price. However, Austin isn't as inexpensive as many imagine and competition for lower priced homes is constant.
Facebook, Apple, Tesla, VRBO, Samsung and more have committed to adding thousands of jobs across the Austin area. Homes in zip codes near these campuses have seen a large increase in interest.
New Builds, Must-Have Features
Since the pandemic many corporate workers have switched to working from home. There has been an increase in interest of buyers looking for multiple home offices, more space and outdoor living.
Land on a Loan
Think about the loan type that is the best fit for your situation. Depending upon your budget, down payment amount, and credit score, you may consider:
Traditional, 30-year fixed mortgage
A 15-year mortgage