Austin Makes List of Hottest Real Estate Markets to Watch in 2018
When choosing where to move next, it is important to consider a wide array of factors like work, family, and the start of a brand new chapter. Purchasing a new home is probably the biggest investment you'll make in your life and you want to be sure you make the right move. Trulia conducted an analysis to help those making a move in the new year to have the information needed to make a smart money move.
Trulia looked at the 100 most populated metros in the country, then used five key metrics to determine the 10 real estate markets with the highest growth potential in 2018: strong job growth, affordability, low vacancy rates, home search rates on Trulia.com, and a high population of young households. It shouldn't come as a surprise that Texas is home to more than one of the fastest-growing cities!
Austin came in at the #7 spot of hottest real estate markets to watch in 2018, legendary live music, restaurant scene, culture and all! Austin is home to the University of Texas at Austin, and many graduates stay well after graduation and enter the workforce.
According to Trulia, "The national homeownership rate ticked up both for households under 35, as well as those aged 35-44, with the former showing a substantial increase from 34 percent in 2016 to 35 percent in the second quarter of 2017. Though home buying among millennials is likely to be sluggish in the short-run, the long-run potential for this generation to support housing consumption in the United States is big.
Single-family homes are at an average of $389,000 in Austin, TX and it is well worth the move.
METHODOLOGY: Trulia identified 10 housing markets among the 100 largest U.S. markets that we think are poised for growth based on five key metrics: (1) Strong job growth over the past year as a sign of economic prosperity and opportunity based on BLS Data; (2) Low vacancy rates as a measure that housing supply does not exceed demand based on USPS Data; (3) High starter-home affordability as market indicator that first-time buyers stand a chance to buy a home based on Trulia data; (4) More inbound home searches on Trulia than outbound as a gauge of how popular the market is nationally based on Trulia data; and, (5) a large share of the adult population under age 35 according to Census Data as a signal of growing homebuying population as the homeownership rate amongst young households is ticking up.
For more Austin Accolades check out our 2017 Blog Feed here.