2017 was a great year for Austin real estate with market stats showing housing inventory consistently above 2 months and the amount of active, pending, and new listings higher than they have been in years prior. We expect positive trends to continue in 2018 thanks to the favorable prospects for the Austin economy and our real estate industry. We're excited for the new year and everything it will bring. Check out the Austin real estate trends we can expect for 2018 below:
Population growth - Austin is one of the fastest growing cities in the country, and is expected to continue bringing more residents in each year. In 2018, population growth is projected at 2.8%, well over the average .71% of the United States as a whole. This will result in an additional 42,000 people moving to Austin, a figure that is expected to continue steadily for the next few years, bringing Austin's population to nearly 1 million people by 2020. This influx of new people to the area will help sellers looking to sell their homes in the next few years, providing plenty of buyers ready to make a purchase.
Green living - Coming in at #28 on WalletHub's list of "2017 Greenest Cities in America," we can only expect Austin to continue developing new ways of "going green" and gearing toward more sustainable living. With factors like energy sources, lifestyle, and transportation effecting the ranking, Austin's Office of Sustainability and its various programs put in place to improve the environment and make Austin a more livable place will have a positive impact and hopefully will see Austin ranking higher in 2018.
Positive economic outlook - Austin's start-up economy is in great shape with 11.5% of businesses started in the last 3 years and making up 3.3% of total employment. This will contribute to the population growth as businesses will need more employees and attract those who need jobs to the city. In general, Austin has great opportunities in the housing market. Both investors and those looking to purchase homes, either single family or multifamily, have options to choose from as new developments pop up around the city and sellers put their homes on the market.