BuilderOnline.com, which is the website for Builder Magazine, published a list this week of the healthiest housing markets around the country. Not surprisingly, Austin fared well on the list. What I DID find surprising was the fact that Texas has the entire top five.
To compile the list, they analyzed the top 75 real estate markets in the country, ranking them based on population trends and job growth, which are both perennial factors that drive demand for homes. They also took into account current home prices and the number of building permits.
Houston ranked first, followed by Austin, Fort Worth, San Antonio, and Dallas. Raleigh, N.C., Seattle, Indianapolis, Ind., Fayetteville, Ark., and Washington D.C. rounded out the top ten.
The entire article can be seen here: www.builderonline.com/local-markets/the-healthiest-housing-markets-for-2009.aspx
Here's what they had to say about Austin:
Nine years ago, during the tech bust, some builders felt that Austin was too crowded and left. The bloom is back on Austin's yellow rose now; it moved up the leader board to become the sixth largest home building market last year. Job creation explains the move. While other markets lost employment, Austin added 17,400 jobs last year, 2.31 percent growth rate. It helps that Austin is home to both a major university, The University of Texas, and the state capital.
Existing homes cost a little bit more in Austin than other Texas markets, roughly $190,900, but that's still below the national average. Also, Austin is one of the few metro areas in the country where median prices actually rose in 2008--1.4 percent through the first three quarters of the year. Amazingly, Austin now generates more home building activity than Chicago, which has six times more people.
If you are considering a move to Austin, Texas, I would love the opportunity to help you find the right home. Our Austin TX real estate website is www.austintexashomes.com. You might also be interested in checking out my online relocation package right here:
Austin Texas Relocation Package
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Jason - It definitely sounds like the bloom is back in Austin ! That is great for your local market as well as Texas. That is a great promo for those buyers on the fence for sure and a great sign for your local economy so congrats on that ! Fortunate for us, Philly has been pretty resilient. We will work hard to get it on this list for next year !!! ~ Chris
and that is because Texas put some very controversial refinance policies in legislation about 10 years ago. The funny thing is he rest of the nation could have benefited from it. Kind of ironic, dontcha think?
Bo
Jason
I think this is terrific for your area! I think it will help you ride out the economic storm this country is faced with.
Amazingly, Austin now generates more home building activity than Chicago, which has six times more people.
Hi Jason,
That is a stunning statistic! I guess it's a sign of the times.
P.S. I just emailed you some interesting market statistics.
Jason, what a great photo! I've heard so many great things about Austin from Texas transplants who are up here.
Oh man Jason. I sure picked the wrong time to read your blog. :-)
Though I envy you for two reasons (solid market & beautiful surroundings) I also have to say- congrats!
Jason - Beautiful photo and enlightening facts about Texas!
Jason,
Great photo! I read this yesterday and it is exciting to validate our market in Austin. I definitely feel the market is active. This past week-end 2 offers on listings (came to terms - one had multiple offers) and am working on another offer on a listing. Life is good!! Thanks for the sharing the news!
Jason, I have never been to Austin, but have heard great things about it. Is this a photo of that area? If so, it looks beautiful, and with job growth and affordable housing, I can see why it was ranked number 2.