What’s Happening in Austin Real Estate in 2024?
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Oldham Group Austin Update
Happy New Year
January 5, 2024
Texas Bright Spot in the Nation
As we excitedly move into a new year, I often get asked what I see on the horizon for the Austin economy and for the residential real estate market. Here’s an overview from economist Bill Adams at CoAmerica.
Texas was a big beneficiary of trends that swept the US economy in the early years of the pandemic. Americans moved from big coastal cities to Sunbelt suburbs, where businesses expanded and added jobs, household incomes and spending rose, and property markets boomed. The energy industry’s rebound reinforced these trends in Texas.
Most of the above mentioned positives lost momentum in 2023. Texans are likely to throttle back on consumer spending on the back of higher interest rates and cost of living pressures. The Fed’s tighter monetary policy has rippled through to more expensive mortgages and construction loans, big headwinds for homebuilders and house sales. Furthermore, in-migration is slowing, since would-be Texans are less eager to sell homes in other parts of the country and accept a higher interest rate on a new mortgage. The energy industry remains a bright spot, with U.S. energy production rising to record levels in late 2023.
While Texas’s economy will be cyclically slower in 2024, it will still grow substantially faster than the national economy. The Lone Star State’s economy is likely to gain momentum in the latter half of 2024, as inflation slows to a more normal rate, the Federal Reserve cuts interest rates, and inward migration reaccelerates. Full Article
What Does this Mean for YOU?
Here’s how these macro trends are showing up for buyers and sellers in our local residential market:
Buyers: Here’s your opportunity to lock in a little lower price, you have more leverage and negotiating power than you have in recent years. However, inventory is somewhat limited so you might need to be patient and selective. Off market properties continue to be a popular path to ownership. Contact Courtney of off-market opportunities in your area.
Sellers: It’s back to basics. Your home WILL sell in this market as there is still healthy demand. However, buyers are looking for a good deal and a high quality property. The old adage, “we have to win the price war AND the beauty contest” holds true in this environment.
4 BD, 2.5 BA in Sunset Canyon South. Acreage, pool and view.
4 BD, 2.5 BA Killer deck with Greenbelt views.
3 BD, 2.5 BA, 10 minutes to downtown & fully remodeled
Call Courtney at 512-809-5495 for details on these new opportunities
Secret Food Tour
Pink Floyd Laser Show
Ready to Make a Move
The first step is EASY! Call or text Courtney.
We’ll set up a time to carefully evaluate all options and put together the BEST plan & timeline for you and your family. We’ve helped thousands of clients navigate buying and selling in Austin over the last 17 years. We’d be honored to help you, your friends and colleagues.
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The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.