Luxe Austin Homes - Grossman & Jones Group

"Austin shines as top 10 housing market for new grads"

CultureMap Austin writes, "College grads living in Austin already have a lot on their minds this summer with job searching and career building, but at least they won't have to worry as much about where to put down roots: Austin is the No. 10 best U.S. market for new graduates in 2024, according to a new report by Zillow.

Zillow compared the rent affordability, job market, and demographics across the 100 largest U.S. metros to determine the best housing markets for recent graduates.

Although Austin is an obvious choice to live during college, it may surprise some that the economics checked out for sticking around after graduation. San Antonio did even better at No. 4. The Alamo City's real estate market has dramatically improved as a prospect for…

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"Homeowner equity continues to rise despite housing-market challenges"

Austin Business Journal reports, "American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.

U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.

The implications behind homeowners' gains in home equity are varying, but the gains seen since the Covid-19 pandemic ultimately mean homeowners are gaining wealth, said Selma Hepp, chief economist at…

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"Austin home prices jumped 87 percent in 10 years, report reveals"

CultureMap Austin shares, "A new real estate report confirms something that Austinites pretty much already knew: The city of Austin saw a significant increase in housing prices among U.S. cities within the last decade, with median home prices skyrocketing up to 87 percent.

The report by online real estate database PropertyShark analyzed median home sale prices in 41 of the most populous U.S. cities and locales in 2014 and 2023. According to the study, the median sale price of a home in Austin in 2014 was $287,000. A decade later, median housing prices in the city nearly doubled, landing at $538,000 in 2023.

Demand for housing increased dramatically due to the COVID-19 pandemic, when "millions of office employees suddenly shifted to working from…

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"Home prices begin to come down in pandemic boomtowns like Austin, Tampa"

Yahoo! Finance writes, "Real estate prices surged nationwide when the pandemic hit. Bidding wars, all-cash offers, and contingency removals became commonplace.

Now, the tide has turned in some markets.

Home prices in some large US cities declined in April, according to mortgage data company ICE Mortgage (ICE). San Antonio and Austin in Texas, and Tampa, Florida — among the most popular cities during the pandemic — saw the biggest monthly price declines.

The shift comes as these markets recalibrate: Homesellers and house builders are adding more listings, just as fewer Americans are relocating there.

“The key differentiator we're seeing in terms of growing inventory levels in Florida and Texas is a rise in sellers' willingness to list their…

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"Four Seasons preps amazing piece of Austin for resort-style residences"

CutureMap Austin writes, "One of the most scenic pieces of real estate in Austin is in an area many locals would never have visited. High up in the hills above Lake Austin, it's accessible by a switchback road tucked into 2,000 acres of protected land beyond some existing residences and offices. Soon, residents will also be able to travel by air-conditioned funicular — a European cable car — transforming this escape 380 feet above the lake into a quasi-alpine retreat: the Four Seasons Private Residences Lake Austin.

The Four Seasons and and Austin Capital Partners have taken their time to get every detail right before breaking ground on the 100,000 square feet of private amenities. In 2021, the Four Seasons unveiled the plans (with slightly…

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"What is Austin, TX Known For? 10 Things to Love About This City"

Redfin.com writes, "Austin, TX is a city that defies expectations and embraces its own distinct identity. From its vibrant music scene to its eclectic food culture, Austin is a melting pot of creativity and innovation. As you wander through its streets, you’ll discover why it’s considered one of the best places to live in Texas. If this sounds like somewhere you might want to live, read on to find out what else Austin is known for.

1. Live music scene

Austin is celebrated as the “Live Music Capital of the World.” This title is supported by the city’s flourishing music scene, boasting over 250 live music venues. Iconic venues such as the Continental Club and Antone’s host performances nightly. Additionally, the city’s annual music…

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"Is it a buyer's or seller's market? Neither — but it's moving toward buyers finally"

Austin Business Journal shares, "The Austin-area housing market has reached a stalemate between buyers and sellers — and that's allowing much-needed inventory to catch up and prices to hold steady.

A few years ago it was common for some parts of Central Texas to have a week or two of housing stock. Home inventory in May was clocked at 4.9 months — 1.5 months more than a year ago. It's a level of inventory that hasn’t been seen in 13 years, according to the Unlock MLS report on the Austin Board of Realtors website. Housing experts often say six months of inventory is representative of a healthy market.

“The good news is that we are moving toward a more sustainable level of inventory, which will provide price stability for sellers and more choices for…

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"New real estate report shows big spike in active Austin home listings"

CultureMap Austin writes, "Potential homebuyers on the prowl for a house in the Austin-Round Rock-Georgetown area have a lot more inventory to choose from than usual. Active listings rose to over 12,000 residential properties in May, according to the latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR).

The spike in active listings is a 37.7 percent year-over-year increase from May 2023, the report said, with more than 5,200 new home listings added last month in a 16.3 percent increase from this time last year. Median prices for homes in the Austin-Round Rock-Georgetown MSA dipped to $459,450 in May after they reached nearly $470,000 in April.

This glut of available housing allows buyers a greater level of…

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"AUSTIN SEES RENT REDUCTIONS AND SLOWING APARTMENT CONSTRUCTION AMID REAL ESTATE MARKET SHIFTS"

Hoodline Austin writes, "As rents across Austin experience an unexpected dip, the city is witnessing a shift, where rent decreases have ushered in a slowed momentum for new apartment constructions, revealed data from Realtor.com and insights from local experts. Rents in Austin have seen a near 10% reduction from May 2023 to May 2024, with average rent for small to medium apartments at $1,400, while the national median stood at $1,700, as noted by KVUE.

After a substantial uptick in rental prices, due in part to an influx of residents and low pandemic-era interest rates, construction boomed, yet this surge is tapering off as building costs increase alongside interest rates and market profitability becomes less certain, a situation underscored by a…

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"A key housing metric just fell to its lowest point ever"

Austin Business Journal writes, "The Fannie Mae Home Purchase Sentiment — a gauge of how good buyers feel about the housing market — fell to its lowest number since the agency began measuring it in 2010.

In May, just 14% of consumers surveyed by the agency said it was a good time to buy a home, down from 20% in April. Those who said it was a bad time to buy increased to 86%. 

Even seller optimism slipped, dropping from 67% who believed it was a good time to sell in April to 64% in May. The growing pessimism comes even as about 20% of those surveyed said their household income was higher than it was a year ago. 

The declining sentiments are yet another factor weighing on the housing market, which is fueling an affordability crisis in many…

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