There is no questioning that Austin’s property prices have become quite expensive. However, there is reason to question whether or not those in the market for homes should find this so upsetting. When investors and homebuyers can get beyond the sticker-shock and take a look at the reasons behind the higher cost of real estate, those prices can become much more reassuring than disconcerting.
Over the past several years, Austin’s many thriving industries have resulted in major population growth, and therefore, real estate demand. Just last year, Austin's population exceeded the two million mark and is projected to go as high as 3.2 million by the year 2030. According to The Chamber's monthly Economic Indicators report, Austin is experiencing a 4.0% job growth rate with an addition of 38,300 new jobs in the metropolitan area in the past year alone.
Our capital city is booming now more than ever with many new businesses, and major corporations opening up new branches in the area. According to the Texas Workforce Commission and the U.S. Bureau of Labor Statistics, Austin is ranked the sixth among fifty of the fastest growing metropolitan areas in the country.
Unlike other cities that have experienced near overnight economic growth and crashed just as quickly, Austin's growth has been sustainable and will not be short lived. Though the growth has been happening quickly, it has been consistent and is predicted to have long-term benefits. Market values are being pushed organically through stable growth patterns and Austin’s history of development is poised to keep the economy stable for years to come.
Speaking of new developments, the city is always announcing more. From Circuits of Americas to the downtown growth and the expansion of a beautiful new subdivisions in all corners of the city and the surrounding communities. When considering all of these factors, it’s easy to see why property prices have risen in recent years. The city’s long-term sustainable business, vibrant communities, and stable economy make buying a home here worthwhile.
Prices are high; there’s no denying that, but are they worth it? Yes. The return on investment for living in Austin extends far beyond the promising facts and figures. Those moving to the city for employment are falling in love with everything our great city has to offer and finding that when you pay for a home in Austin, you’re paying for quality.
How can prospective investors and homebuyers ensure that they’re getting the absolute best quality for those prices? By working with a dedicated real estate team that has been serving the residents of Austin for over 20 years. At Monte Davis Realty Group, we want everyone that we work with to love their home and the great city of Austin as much as we do.