Forbes has recently released its list of the fastest-growing American cities for 2016 and Austin comes in at number one. Austin was calculated to have the highest-projected population growth rate for 2016 at 3.15%. The city has dominated Forbe’s fastest-growing list for 5 out of the past 6 years, slipping only once to second place after Houston in 2015.
A major contributor to the win is Austin’s ever-strong economy. “Thanks to its booming technology, pharmaceutical and biotech industries, low cost of living, and cachet, the Austin economy remains on fire,” wrote Erin Carlyle, author of the Forbes report that accompanied the list. It appears that newcomers are arriving in droves to take advantage of the jobs market along with the relatively low cost of living, diverse lifestyle options and warm weather.
Of course, the analytics that point to the strongest population growth in the country also indicate strong growth in the real estate sector. As Austin continues to take in new residents, housing demand will grow and continue to strengthen real estate values in the area. Austin homeowners will be able to benefit from the continued influx by watching their personal wealth increase with the value of their home.
For would-be homeowners, this is another indication for the need to act fast. Those who are on the fence about buying will face increasing home prices and risk taking out a loan with higher mortgage interest rates than they would be able to secure if they act now. Also, as time goes by new construction will continue to hit the market and sellers who want to cash in on their equity will enter the market, bringing the housing supply up to meet the now overwhelming demand. Home value growth will start to level off as the balanced housing market will moderate home prices.
To start building wealth in a new Austin home, reach out to David Brodsky Properties and schedule a free, no-obligation consultation with one of our real estate consultants. Find out how working with one of Austin’s Platinum Top 50 real estate teams can help you win in the Austin real estate market.