Austin Texas as a real estate market is on fire!
Very few real estate markets have seen the rapid growth that we have had in Austin. People are flooding to Texas, and specifically Austin Texas, because of our great States policies, weather, and sense of freedom.
Ever since Sam Houston won the Victory in the Battle of San Jacinto, and became President of Texas in 1836, Texas has had a powerful sense of freedom, individual liberty, and been a land of opportunity. With all the tremendous challenges we have experienced in 2020 with COVID-19 and beyond, people are flocking to Texas.
A huge influence on the move to Texas is the shape of work now. The highest number of remote workers are in place than at any time in our Nation’s history. Call centers and company offices is major cities in California, New York, and really all over the nation have changed the way we work and live.
Many people can now work in almost any location with good internet, power, and resources. So, they are moving to places like Austin Texas by the millions.
Look at this story from CBS this morning.
Video by CBS This Morning
When you see such dramatic growth you have to expect there to be a market correction eventually. However, what most people do not realize (especially those anticipating a drop in sales) is that the real estate market has likely forever changed. Yes, in the coming years we are likely to see more commercial property either converted or torn down to make that land into more housing. That will certainly impact existing home sales and growth.
However other indicators like the extreme costs of lumber are about to be forced back down to logical levels. You see there is not a real shortage of wood. There are giant stock piles of wood all over the nation. Much of what we have seen has been artificial inflation of pricing. While some who built new homes with 3X the cost on their lumber may not fair well in the short term, once those losses are realized home prices should stabilize.
The larger concerns would be overall inflation than elements of the home building sector. Also, never forget demand will likely remain very high as people continue to exit states like California where they are not happy with the way those states are being managed. Things like very high tax rates will keep people flooding out of those states who can afford to move. This likely means the upper end of the Austin Texas market will remain very high for years to come.
As long as Austin Texas, is managed well and Texas itself is run and managed well with low taxes, and that sense of personal freedom this area will thrive.
Austin is also a major center for food, music, and fun
Austin is known the world over for its awesome Tex-Mex that special blend of Mexican and Texas flavors that so many love. Everything is big in Texas like their stakes, BBQ, and yes Tex-Mex. Many areas of the country lost 50% of the restaurants or more due to lockdowns. Austin had more survive than almost anywhere else in the nation. You do not realize it until you live somewhere that has lost a number of great restaurants in a short period of time. But the food of an area has a lot to do with its appeal and culture. Austin’s is thankfully intact. Local favorite locations like these keep Austin well-fed:
Juan in a Million
We could share hundreds of additional restaurants here and are happy to share your restaurant on this list just contact our office. As a local real estate company, we love supporting the community.
Fun Things to do
Another thing people love about Austin Texas is the live music, and overall music scene. The popular show and music venue Austin City Limits have been a major musical influence in the nation for almost 50 years. The first pilot of this music TV program was shot in 1974. Austin itself has many live music venues and you can find wonderful live music every week all year long.
Austin is much more than just great food and music. There seems to always be something to do in the area. One thing the area is known for is its popular local dance the two step. At a time when dancing in some areas has devolved into a grinding mess. The two-step offers a slow to even fast pace version that is clean, fun, and active. If you need to learn how to two-step check out Broken Spoke for free dance lessons Wed-Sat at 9PM.
Kayak or Paddle
Visit local Lady Bird Lake to kayak or paddle, maybe even paddleboard. If water is not your safe space take a hike on the 10-mile hike and bike trail.
Local Swimming Holes
Yes, that is exactly what it sounds like but better. Austin has some of the best natural swimming locations in the state like Barton Springs Pool, located in Zilker Metropolitan Park.
Want to find more fun things to do?
Try a local blog AustinTexas.org has a great article on 50 cheap or free things to do in Austin. Many of these options they share are available year-round, and the weather in Austin makes it possible to do things year-round and live a more active life.
So to summarize there are many reasons why Austin Texas is such a fast-growing real estate market. First and foremost, it is our people. The local culture is rich and diverse. This creates an area that offers so much people can not stay away.
There are also many external factors that are forcing people to look for new and better living options. Many are finding Austin as the best solution for weather, fun, and so much more.
If you are looking for real estate in the Austin Texas area speak with someone from Chris Price Realty.