According to Trulia, Austin’s real estate market has all of the right ingredients for a very strong year. In a recent article predicting the 10 Healthiest Metros for Housing in 2013, Austin was ranked #5 of all housing markets across the nation- beating out cities like Seattle (6) and Fort Worth (9). According to Jed Kolko, Trulia’s Economist, a city requires three basic elements to make it a healthy prospect, and Austin has all of the right parts. Kolko’s formula for a healthy market includes:
Strong Job Growth (to keep up the demand for housing)
Low Vacancy Rates (to bring in new construction)
Low Foreclosure Inventory (to aid in recovery)
There are additional factors as well, but these three are essentials. Luckily, for those of us in central Texas, Austin has all three of these ingredients. Of the three, the strongest factor that keeps the Austin market rolling is our city’s job growth, which ranks among the fastest growing job markets in the nation. As Austin continues to create jobs foreclosures becomes less common and more people decide to move to Austin, which leads to low vacancy rates. And with Austin economists predicting the addition of several thousand jobs over the next twelve months, it looks as if 2013 will be a very good year. Congrats Austin on being #5 in the nation! Click here for the original article.
