Austin Real Estate 2019 Forecast
January 28, 2019 | Front Porch Realty
AUSTIN, TX- Rising property values coupled with increased demand led to an all-time high in the Austin Real Estate market during 2018. As shrinking affordability spread across central Texas, according to year-end data in the latest ABOR report.
Austin Real Estate Market Forecast 2019
“2018 was the highest grossing year on record, and for the first time ever, the median price for single-family homes in the Austin metropolitan area stayed above $300,000 for 10 consecutive months.” Kevin P. Scanlan, the 2019 ABOR President, said.
Last year got off to a record start with the January announcement that Austin had beaten out a couple other major cities to make the short list of potential new development sites for big blue chip companies to move in.
While the local economy expanded at sizzling pace and monthly unemployment rates spent the year at near two-decade lows this upward trend has lost its momentum.
A number of factors this year could slow the Austin Real Estate market growth including the potential for softer trends nationally that manifest down to the local level, as well as the constraints of an extremely stretched labor market in the Austin metro area.
Projections show Austin’s Real Estate market in the metro area expanding by 6 percent to 6.5 percent, down from the 7 percent to 7.5 percent for 2018. The dampening effects of a slowdown nationally will account for the bulk of the reduction.
Even by these metrics we expect the Austin economy to outperform the state and national economies for 2019.
HOUSING MARKET STILL HOT , but showing signs of slowing.
“The U.S. housing boom is coming to an end, starting in Dallas,” proclaimed a headline in the Wall Street Journal last month.
“While the US housing market slowed during the last half of 2018, in Austin people are asking whether these national trends will show up in 2019,” said Eldon Rude, a longtime housing analyst and principal of 360 Real Estate Analytics, an Austin-based market research and consulting firm.
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