Grossman & Jones Real Estate Blog - austin

"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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"Austin No. 1 college town in US, Wallethub says"

Austin Business Journal shares, "WalletHub’s annual list of the best college towns and cities in America is out, and Austin ranked No. 1 again.

Austin has taken the top spot on the list for three consecutive years. The annual list considers wallet friendliness, social environment and academic and economic opportunities.

Central Texas is home to The University of Texas at Austin, Concordia University and St. Edward's University, as well as Huston-Tillotson University and Austin Community College. Austin also has one of the highest average annual job growth rates in the country at 7.04%, according to the report, which WalletHub pointed to as a plus for graduates.

It was also No. 1 when ranked by large city size.

Here are the top 10 best…

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"Luxury senior living moves into hot Austin neighborhoods"

AXIOS Austin writes, "aiming to win older empty nesters, Austin apartment developers are now including spas and libraries.

Why it matters: More senior communities look like modern luxury apartments.

Driving the news: America is going gray. Baby boomers and their kids make up a growing share of the country's population, according to Census Bureau data.

• In greater Austin, the share of renter households that are 55 or older has hopped from 11.1% in 2005 to 17.6% last year.

What's happening: Apartment developers are courting empty nesters as young as 55 years old, dangling prime locations, easy living and amenities you'd expect at a five-star hotel, senior living expert James Hill with Houston-based Kirksey Architecture tells Axios.

…

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"Report: Austin one of top cities millennials moved to in 2022"

Austin Business Journal reports, "a new study released by financial technology company SmartAsset this month named Austin one of the most popular destinations millennials moved to in 2022. The analysis found one in four millennials moved to a different city last year, with the study ranking cities based on “the highest percentage of the population represented by newly transplanted millennials.”

Austin ranked No. 9 in pulling new residents within the 25 to 44 age range, per the study. The Lone Star State’s capital attracted 103,461 millennials, with the new residents marking 11% of the city’s overall population. The report added the median age in Austin is also in line with that trend, at 34.7 years old.

Austin wasn’t the only Texas city in the…

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"Austin's Zilker Park Annual Tree Lighting Ceremony, Sparkles With 57-Year Tradition"

Hoodline writes, "Austin's holiday spirit flickers to life with the 57th annual Zilker Holiday Tree Lighting Ceremony, a dazzling tradition aglow with over 3,300 lights, set to take place this Sunday, November 26. The city's beloved event, which will run from 6 p.m. to 7 p.m. at 2100 Barton Springs Rd., has enchanted Austinites since the first lighting back in 1967 as per KXAN report.

In a ceremony warmed by the community's eager anticipation, local entertainment, delicious food, and live music, young artists from Austin will experience the honor of lighting up the night.

Winners of the Zilker Holiday Tree art contest, Claire Bonyun and Maya Nolan, will "Flip the Switch!" in their respective junior and senior divisions, a tradition dating back…

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