Luxe Austin Homes - city

"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 real estate market still burning hot, according to Urban Land Institute study"

Austin Business Journal writes, "Austin’s real estate market is still burning at a supernova level, according to a new study.

The Urban Land Institute, which focuses on real estate and land use, released its widely respected 2024 Emerging Trends in Real Estate report on Oct. 31. The report compiled data and insights from over 2,000 real estate industry experts to explore shifts and trends in the property sector and predict 10 markets to watch for the coming year.

Austin ranked fifth on the list this year, down from No. 3 last year. The rest of the top five was rounded out by other Sunbelt cities: Nashville at No. 1, then Phoenix, Dallas-Fort Worth and Atlanta.

ULI conducted the study in partnership with PricewaterhouseCoopers, a professional…

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"Austin is abolishing parking requirements to bring down runaway home prices and rents"

Business Insider reports, "one of the biggest cities in one of the most car-dependent states in the country is cracking down on parking to deal with its housing affordability crisis.

Austin, Texas is getting rid of requirements that new construction — from single-family homes to shopping malls — build parking spots. The City Council voted eight to two last Thursday to eliminate its so-called "parking minimums," which mandate at least two parking spots for every single-family home and one-and-a-half spots for every one-bedroom apartment, with an additional half-spot for each extra bedroom.

The regulatory change won't eliminate existing parking or stop developers from building parking, it will just end a mandate that they build a certain number of…

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"Austin-area housing inventory rises as affordability challenges mount"

Austin Business Journal reports, "the Austin metro’s housing inventory is the highest it’s been in more than eight years.

Inventory in the region hit the four-month mark in September, according to the Austin Board of Realtor’s monthly market data. Inventory represents how long it would take to sell all of the homes on the market if new listings stopped, and housing experts say six months of inventory typically represents a healthy balance between supply and demand.

While that may sound promising for a region that's experienced a dearth of new homes, it takes some pain to have the gain. The number of closed sales is notably down. ABOR housing economist Clare Losey said this could be caused by a number of factors, including high interest rates and…

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"Austin earns top 10 ranking for the best foodie cities in the U.S., new report says"

Culturemap Austin writes, "just a week after Austin was deemed a top 10 city for vegans and vegetarians, the city is making waves as the No. 9 best city in the U.S. for foodies, according to a new study by personal finance experts WalletHub.

Major culinary events like the Austin Food and Wine Festival are a major draw for foodies, with more than 90 chefs and culinary experts providing signature bites from local, regional, and nationally-acclaimed restaurants. Austinites can catch the next fest on the first weekend in November.

WalletHub's study looked at more than 180 culinary hotspots from all over the U.S. and ranked them based on 28 different "foodie-friendliness" factors, including the accessibility and affordability of high-end restaurants;…

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"‘There Is No National Housing Market’: Why Location Matters Now More Than Ever"

Realtor.com writes, "the longtime mantra of the real estate market, “location, location, location,” may never have been so true.

During the COVID-19 pandemic, a national frenzy seemed to permeate the housing market as buyers spent previously unimaginable sums on homes just about everywhere. The real estate market was fairly monolithic as the number of available homes dried up and prices shot up around the country.

However, what’s happening in the national housing market might no longer resemble what’s going on in local markets across the country. As mortgage interest rates have risen, some markets have slowed while others continue to speed up. Home prices may be falling in one city but accelerating in another. Bidding wars may be fierce in one…

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"Meet Verde Square, Giving Austin’s Soccer Stadium a Brand New Skyline"

Towers reports "with new towers and height-friendly rezonings throttling up the pace of growth around the Domain area of North Austin all the time, it’s kinda hard to keep up with everything planned here — but there’s one upcoming project you really ought to know, since it’s one of the most promising steps in this ongoing experiment of converting the suburban sprawl around the intersection of Burnet Road and Braker Lane to an almost downtown-like urban environment.

Verde Square, planned by local firm Ironwood Real Estate in partnership with Austin-obsessed global real estate firm Karlin, imagines a four-building complex on more than six acres of land along Burnet Road located just west of the new Q2 Stadium, taking full advantage of this…

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"The Supertalls Are Coming to Austin"

Bloomberg.com writes, "the city of Austin is building up, and its once-modest skyline is getting weird.

Due in 2026 is a mixed-use high-rise called Waterline, designed by the New York firm Kohn Pedersen Fox. At 1,022 feet, the building qualifies as a “supertall,” one of just a handful of these spectacular skyscrapers in the US outside Chicago or New York City. When it’s finished, the project will rank as the tallest building in Texas. Designed like a stack of several different buildings, Waterline will stand out on a skyline that’s growing up faster than almost any other nationwide.

But it won’t stand alone. Groundbreaking is due this year on an even-taller supertall, the Wilson Tower. Wrapped in a dusky golden brise-soleil running the length of…

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"Austin booms as the nation's fastest-growing office market in new report"

CultureMap Austin writes, "as we head into the new year, Austin's office market is headed for a big boom, according to one recent report.

Commercial real estate platform CommercialEdge has released its National Office Report, naming Austin the fastest-growing office market in the U.S., based on data through November 2022.

Austin "has been the fastest-growing office market in the country since the start of the pandemic," says CommercialEdge. And despite recent upheaval in the tech sector, including layoffs and office downsizing, the report shows office-using sectors of the labor market have added 85,000 jobs in Austin — a 28 percent increase, in the last 30 months.

To keep up with that growth, developers have added 3.1 million square feet of new…

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"Austin metro's home price is flat for the first time since 2019, report says"

Culturemap Austin writes, "The Austin housing market is normalizing, and for the first time since before the pandemic, metro home prices are not on the rise.

According to the Austin Board of Realtors' latest monthly report, November 2022 marked the first time since February 2019 that the median home price for the Austin-Round Rock metro area was flat. The metro's median registered at $467,955 last month, the same as November 2021, meaning 0 percent year-over-year growth.

At the same time, housing inventory nearly quadrupled from last year, to 3.1 months at the metro level, and the average time spent on the market grew to a whopping 58 days, leading to further market stabilization.

At the city level, Austin actually saw a drop in its median…

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