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"Austin's hottest real estate stories of 2023: Refreshing renovations and soaring suburb popularity"

CultureMap Austin shares, "Editor's note: As 2023 comes to a close, we're looking back at the stories that defined Austin this year, starting with the red-hot topic of real estate. Following booming growth since the pandemic, Austin's real estate market has seen some dramatic swings, but that's not all that happened this year. From Austin's neighboring towns soaring to new heights, to reinvigorating renovation plans throughout the city, here are the hottest real estate headlines of 2023.

1. Surprising Central Texas city boasts No. 1 U.S. housing market for first-time buyers. Homebuyers looking to live outside of the bustling big city should turn their attention 70 miles north of Austin, to Killeen.

2. Austin suburb boasts 9th hottest ZIP code in…

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"Austin housing market crystal ball: See what some experts expect, predict for 2024"

Austin American-Statesman writes, "new housing developments continue to spread across Central Texas, but experts say more homes are still needed to keep pace with demand.

"The Austin new home market overall was steady the last half of the year," said Ben Caballero, CEO of HomesUSA.com. a real estate agent and CEO of Dallas-based HomesUSA.com. “As we head into the holiday season and start the new year, we have the Texas advantage on our side, as we continue to attract large employers. This relocation means a continuing need for more homes, and Austin builders are doing their best to create more inventory."

Caballero said the new-home market in the Austin region is poised for growth, if what many leading economists are predicting comes true – that…

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"5 major towers are set to open in downtown Austin in 2024. Check out what's planned"

Austin American-Statesman reports, "the new year will bring new skyscrapers to downtown Austin.

In the past two decades, downtown has seen an unprecedented high-rise building boom that has transformed the city's central business district with towering condominium, apartment and office buildings along with hotels and scores of new shopping, dining and entertainment options.

Even as downtown's office market has languished as remote work has taken hold since the coronavirus pandemic, people still want to live in the center of the action, and that's keeping downtown's housing, retail and restaurant sectors bustling.

“With falling interest rates and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see…

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"Austin Housing Market About to Hit Turning Point"

Newsweek reports, "Austin, Texas, the fastest-growing large metro area at the height of the COVID-19 pandemic, is set to see house prices plummet as sellers look to come to terms with buyers who are interested in purchasing homes but struggle to contend with elevated prices, analysts told Newsweek.

The city saw population growth of 5 percent between 2020 and 2022, and housing demand helped push up prices.

"There is so much in-migration of households that has been a real support for both rental and owner occupied housing markets," Brad Case, chief economist at real estate developer Middleburg Communities, told Newsweek.

That dynamic is shifting, Case suggested, as buyers balk at the high prices, which will force sellers to adjust.

"If you…

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"Zillow’s 2024 housing market predictions for Austin, nation"

KXAN Austin shares, "real estate marketplace Zillow has predictions for what will happen to the Austin and national housing markets in 2024, including cost decreases, supply increases and the arrival of generative computer programs (often called artificial intelligence or AI) to the buying process.

Zillow on Austin’s market from 2021-2023

In 2021, Zillow declared Austin the nation’s hottest housing market. It cooled slightly on Austin in 2022, but still ranked the city as the 10th hottest. In 2023, the company declared Austin’s housing market “ice cold.”

But in a Thursday interview, Zillow Senior Economist Orphe Divounguy said that 2023 has been “a great year” for Austin and the U.S.

“We started the year with high inflation that of course…

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"NAR Forecasts 4.71 Million Existing-Home Sales, Improved Outlook for Home Buyers in 2024"

Austin, Texas named top real estate market with most pent-up housing demand next year

WASHINGTON (December 13, 2023) – "NAR Chief Economist Lawrence Yun forecasts that 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas will be the top real estate market to watch in 2024 and beyond. Yun unveiled the association's forecast yesterday during NAR's fifth annual year-end Real Estate Forecast Summit: The Year Ahead.

Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this year.

"Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will…

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"Median home prices down almost 8.4% in Austin-area year-over-year"

 Austin American-Statesman shares, "there was good news for homebuyers in the latest monthly report from the Austin Board of Realtors last week.

With rising inventory and lower prices, Central Texas' cooling housing market has provided more choices and leverage for buyers, board officials and other experts say.

Here are some key takeaways from the November report.

Median price

• Across the Austin Round-Rock region from Georgetown to San Marcos, the median price of the homes that sold in November fell 8.4% year-over-year to $424,450, indicating Austin’s housing supply is becoming available at lower price points, board officials said. They were quick to point out, however, that prices remain "considerably elevated relative to pre-pandemic…

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"Austin home sales and prices expected to drop in 2024 according to new Realtor.com report"

Austin American-Statesman writes, "soaring home prices in recent years could calm down in 2024 after a report from Realtor.com predicted a drop in both home sales and prices for the Austin-Round Rock Area. 

Specifically, the real estate website predicted home sales in the Austin metro area would fall by 11.7%, while prices would fall by 12.2% compared to both of those marks in 2023. 

Moreover, across the country, the website predicted median home prices would fall by a much smaller 1.7%. However, it should be noted that larger, and recently more expensive, markets are expected to see bigger drops in price. 

How are other Texas housing markets expected to perform in 2024?

While the Austin area is predicted to see the biggest combined…

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"Stream plans to begin East Sixth Street transformation in new year"

Austin Business Journal reports, "a substantial facelift of Austin’s East Sixth Street will begin in the new year.

Stream Realty Partners LP said preliminary preservation work is planned to begin in early January as part of a major restoration of more than 30 properties along the popular street with Congress Avenue to the west and I-35 to the east.

The initial work will focus on restoring the facades and interiors of the Stream-owned buildings that have fallen into disrepair. The majority of interior and exterior work is scheduled to begin late in the first quarter of 2024 and early in the second quarter of the year, according to the developer.

The firm also disclosed that it will begin looking for new tenants in 2024 but it did not share if…

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"Austin considers change to density bonus programs to address public safety needs"

Austin Business Journal reports, "developers working in Austin may eventually have a new tool when seeking additional building height for their projects.

With police and fire response times unacceptable in some cases, City Hall has taken steps toward a new element to its density bonus programs that would offer incentives to developers if they donate land to the city that can be used for public safety facilities.

During its Nov. 30 meeting, Austin City Council approved a resolution directing the city manager’s office to conduct a comprehensive review of the proposal and return to Council next year.

"We are running out of land and property to develop," said Council Member Mackenzie Kelly, who sponsored the resolution. "What I don't want to…

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