Austin housing market keeps pace for astonishing 2022
January 4, 2022 | Front Porch Realty
Home buyers young and old find reasons to buy in central Austin
With a new year comes new questions. Possibly new predictions. And what is the one thing we all want to know about Austin in 2022: housing.
Where and how we buy homes in Austin right now is in flux.
The gremlins at the home listing site Zillow say if you’re trying to find a home on a budget, don’t shop in Austin. Is the TL;DR version.
Austin housing market is slotted for another big year
Home buyers want to live in sunny states, but the median home price in Austin forces bargain hunters to settle on smaller cities outside of Austin.
The Austin housing market is slotted for another big year in 2022 with a steady stream of new home buyers and transplants entering the market.
With quarter-over-quarter home value growth, which is a good indicator of current housing demand last year from April to August Austin is set to deliver another booming year through 2022 and into 2023.
Austin the job market alone keeps Austins’ housing market in high demand
The Austin job market has warmed an already hot housing market and with little to no change expected for the next decade. With company’s like FB and Tesla moving to Austin the job market alone keeps Austins’ housing market in high demand.
Austin real estate agent Lilly Rockwell author of the housing newsletter The Rockwell Report says “ I am doubtful we will see houses selling for hundreds of thousands of dollars over asking like we did in early 2021 when there was an extreme imbalance between available homes and buyers,” in her statements to Axios.
Austin housing inventory is still considerably lower than pre-pandemic levels which will keep Austin in a strong seller market. Rockwell estimates a 10% value appreciation in 2022 for central Austin homes.
Austin homes for sale from $825,000 to $900,000
Economist forecast 11% home appreciation in 2022 down from 19.5% in 2021
Economists’ at Zillo forecast for 11% home appreciation in 2022 down from 19.5% in 2021. As rising inflation makes it harder for the average American to save for a down payment, expect demand for larger rentals to increase, especially for single family homes.
Walter Moreau, executive director of the affordable housing nonprofit Foundation Communities says “ I don’t think rent will do anything but increase in 2022, which will continue to price lower income families out of town.”
Austin is expected to be set for another year of skyrocketing home prices and challenging home shopping
Other central Austin political housing battles are playing out at City Hall as concerned citizens discuss proposals to increase density and affordable housing juxtapose to the preservation efforts for Austins’ historical districts. As debates continue Austin is expected to be set for another year of skyrocketing home prices and challenging home shopping.
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