Known as the live music capital of the world, Austin, the capital city of Texas is known for its nightlife, shopping, picturesque scenery and Formula One racing.
Austin has been the nation’s fastest growing city for eight consecutive years now and has recently seen some significant changes in local development with the construction of a new soccer-specific stadium in North Austin. The stadium will be the home of Austin FC, the city’s first major professional sports team expected to start playing in 2021. It will be located near The Domain located approximately 10 miles north of the central business district. This area is quickly becoming Austin’s “second downtown” as it features a bustling nightlife scene, high-end retail shopping, and unique restaurants. Because it’s affordable, this area is becoming more attractive to businesses that value an environment where employees can work and play in the same vicinity without paying the high end downtown prices.
Population growth has resulted in higher demand for housing and home values reaching an average of $405,000 for a single dwelling representing a 10 per cent gain from the same period in 2018. The number of homes sold has also seen an increase of four per cent from last month totalling 670 homes being sold. The number of homes currently for sale has seen a marginal decrease and the average days on market (DOM) is down seven days, averaging approximately 40 days. Urbanization is another factor contributing to the housing market being healthy and attractive to home buyers.