Luxe Austin Homes - supply

"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…

491 Views, 0 Comments

"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…

431 Views, 0 Comments

"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…

379 Views, 0 Comments

"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…

483 Views, 0 Comments

"Local leaders discuss housing affordability, supply in Austin"

Community Impact Austin shares, "Area leaders are continuing to look for creative ways to increase housing supply and create sustainable housing options in Austin, such as changing development codes and spearheading efforts to grow the local workforce.

Amplify Credit Union hosted its second annual Central Texas Affordability Summit on May 23 with Amplify members; Mayor Kirk Watson; and a panel featuring Heather Donahue of MOD Architecture and Design; Jeremy Striffler, director of real estate and asset management at Austin ISD; and Hannah Rangel of the Downtown Austin Alliance.

The gist

Watson said the city has undertaken a number of initiatives to address its housing supply and affordability. In December, City Council approved the first phase of the Home…

462 Views, 0 Comments

"Austin takes steps to ensure low-income residents can capitalize on zoning changes"

Austin Business Journal writes, "The new resolution, passed at the May 30 City Council meeting, tasks the city manager with identifying ways to improve access to the HOME program for low- and moderate-income households and expanding educational resources and technical help to households at risk of displacement due to gentrification. East Austin, where racial minorities were pushed about 100 years ago and gentrification concerns are top of mind, is likely to be a focus — though residents across the region have felt the effects of rising property values and urbanization.

Low-income households are those that earn 80% or less of the median family income, according to the Austin Housing Department. As of June 2023, 80% MFI for a three-person household…

419 Views, 0 Comments

"Affluent House Hunters in Austin, Texas, Are Finding an Opportunity—and ‘Even a Deal’"

Mansion Global writes, "Once the poster child for the pandemic housing boom, Austin, Texas, is seeing some of the nation’s steepest price declines for luxury homes, coupled with a growing supply of listings.

Luxury house hunters are now facing less competition and far more choice than even a year ago, marking an opportunity to buy before demand overwhelms supply again. There were 20% more luxury listings on the market in the greater metro area in the first quarter than a year ago, according to data from Realtor.com, which defines luxury as the top 10% of the market by listing price. 

“I have not seen this much great inventory in Austin in a long time, even since before the pandemic,” said luxury real estate agent Kumara Wilcoxon of Kuper…

660 Views, 0 Comments

"US rental market continues to cool as record amount of new supply delivers"

Austin Business Journal writes, "The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.

Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022.

And while most rental markets similarly have come off an August or September 2022 peak, a few locations are bucking the trend — including Indianapolis, Milwaukee and Minneapolis, which all experienced record-high rents in April, Realtor.com found.

Danielle Hale, chief…

348 Views, 0 Comments

"Why reducing the minimum lot size for single-family homes could create a more attainable Austin"

Austin Business Journal writes, "Austin has a housing crisis with a lack of housing considered affordable to the majority of its residents. Professionals including teachers, EMS workers, firefighters and recent college graduates are being priced out of the communities they serve. Increasing mortgage rates, elevated home prices and limited inventory of affordable homes are some of the barriers to homeownership in Austin, particularly for would-be first-time buyers. To afford a $540,000 home, Austin’s median sales price in 2023, a household must make $180,000. This makes it extremely difficult for many to purchase a home here, driving them out of Austin and into the suburbs. The bottom line is that homeownership is unaffordable and unattainable to many…

448 Views, 0 Comments

"Room to grow: Why Austin needs more homes"

Austin Business Journal shares, "It’s no secret that the Austin region has flourished over the past two decades, producing one of the greatest economic development success stories of the past half-century. Texas has consistently been named one of the best states to do business – with Austin helping to lead the way – and three of the top four fastest-growing cities in the country are located in Central Texas. Austin’s economy consistently outperforms national averages except for one glaring exception – housing.*

Austin desperately needs more housing. Our housing market’s severe undersupply of homes, specifically for low- and middle-income buyers, is a challenge our city must overcome not just for our regional economy, but for the people who live and…

374 Views, 0 Comments