Over 100 Newcomers per Day Fuel the Austin Real Estate Market
Have you ever wondered how many people move to Austin on a daily basis? It’s pretty common
knowledge that the city is growing rapidly, which is contributing greatly to Austin's amazing real estate market. With more people entering the city, the demand for homes for sale increases, too. We know that over 1,500 homes were sold in January, setting a record for our real estate market. Yet the number of new people we’re adding to our population on a daily basis hasn’t been nailed down until now.
At an annual meeting at the Chamber of Commerce, Austin demographer Ryan Robinson reported that the city is getting 110 net arrivals per day. The figure factors in the amount of people who leave, which is relatively few.
Robinson went on to state that "The state of our union is very, very good." Austin’s quickly-growing population, which is reaching the 2 million mark, is the fastest-growing large city in America, according to data from a report in the Austin Business Journal. The rapid growth is making an economic impact, especially where real estate is concerned. Robinson says that the young workforce in Austin is it’s main economic strength.
The growing population and strong economy is sustaining a real estate market that’s setting records month-after-month. The influx of buyers is continuing the demand for homes for sale. Inventory for those homes is not meeting real estate demands, however, which is creating an ideal environment for sellers. On the buyers’ side, home prices are still much lower in this popular city than most other parts of the United States.