Growth = Demand
April 14, 2021 by West Austin Properties · Leave a Comment
The Austin job market is expanding at a level that exceeds the availability of housing. While more homes sold in the first three months of this year compared to any prior year, the number of homes on the market is at record lows. This is occurring for several reasons.
Business relocations, combined with job expansion of current business and the attractiveness of the Austin business and social climate continues to bring more people to Austin. The Wall Street Journal claims Austin is the second fastest “boomtown” in the US, only behind Salt Lake City.
The Milken Institute rated Austin the Third Best Preforming city on metrics including jobs, wages, salaries and technology output , just behind Provo, Utah and Palm Bay, Florida.
Site Selection Magazine in March identified the cities with the most corporate expansion and Austin came in sixth in the nation for total active expansion with 84. And Austin came in second with 43 projects per capita.
Over 130 people are moving into the Austin area every day. Over half are relocating from Texas because of the strong job market. There is strong migration from California, Florida, New York and Illinois.
While the number of homes for sale continues to grow, this growth is not able to compete with the influx of new people. The result is houses listed for sale are sold quickly, having received multiple offers and with most homes selling for over list. This causes home prices to increase.
