Office Addresses
Austin
2506 S Lamar BLVD Austin, TX 78704
(512) 770-6526
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The Austin real estate market has seen immense growth in recent years, with no signs of slowing down. In 2020, Austin was named the number one market for real estate investment by the Urban Land Institute, and it’s expected to remain a top market well into 2024. As more and more people move to Austin for its thriving job market, excellent schools, and vibrant culture, the demand for housing continues to rise. So, what can buyers expect from the Austin real estate market in 2024?
As demand for housing in Austin continues to grow, so do home prices. It’s predicted that the average home price in Austin will increase by at least 5% each year through 2024. This means that the already high prices in popular neighborhoods like Downtown, Zilker, and South Congress will only continue to rise. Buyers should prepare to pay a premium for homes in these highly sought after areas.
With the influx of people moving to Austin and the limited inventory of homes available, competition for properties will remain high in 2024. Multiple bidding wars and offers above asking price have become common in the Austin market. Buyers should be prepared to act quickly and make strong offers in order to secure their dream home.
As home prices in the city center continue to rise, more and more buyers are turning to the outskirts of Austin for more affordable housing options. The development of neighborhoods like East Austin, Manor, and Cedar Park will continue to offer more affordable homes for buyers looking to live near the city center. These areas also offer a more suburban feel, perfect for families or those looking for more space.
With the competitive and rapidly changing Austin real estate market, it’s essential for buyers to work with a local agent who has expertise and knowledge of the area. A local agent can provide valuable insights on market trends and help buyers navigate through the competitive market. They can also help buyers find off-market properties or opportunities in up-and-coming neighborhoods. A local agent is an invaluable resource in the Austin real estate market of 2024. In conclusion, buyers should expect a highly competitive and rapidly developing real estate market in Austin for 2024 and beyond. While home prices may continue to rise, the strong job market and quality of life in Austin make it a worthwhile investment. By working with a local agent and being prepared to act quickly, buyers can successfully navigate the market and find their dream home in the bustling city of Austin.
