Austin Texas - Still a Great New Home Destination

Austin is the most eclectic city in the state of Texas - and maybe the entire Southwest.  This capital city that attracts career-minded singles, creative entrepreneurs, corporate CEO’s, aspiring musicians, family-focused professionals and college students, is the fourth largest city in Texas and one of the fastest growing metros in the country. Currently home to 709,893 residents, the Austin metropolitan area experienced over 41% growth in population between 1996 and 2006.  With a median age of 31.2 years, Austin’s younger population and the city’s draw as the “Live Music Capital of the World,” are part of what makes it a fun place to be.  Yet, Austin is not just for the single set; the great schools (and the University of Texas), city amenities, arts and culture, recreational opportunities, and plenty of family-friendly activities make Austin a good place to relocate the family too.

Google “Austin” and you’ll find that this city consistently tops many publications’ “Best of” lists for what seems like just about everything.  Okay, that might be a slight exaggeration, but Austin pops up more than enough to catch the attention of anyone entertaining a move to a new job market in another city.  

Austin Economy, Job Market and Real Estate Market

Economic Growth in Austin

Austin has been lauded as the best place for business in the U.S. by Moody’s Economy.com Inc.; the independent economic research firm gave Austin top spot over nearly 400 other metropolitan areas in its latest index, published in August 2007.  The index examines current economic conditions, trends and risks and evaluates factors such as job growth, household income, productivity, net migration, industrial diversity and business costs. The Austin-Round Rock metro moved up from seventh place since the last index published in March.

Austin Careers and Jobs

For many of the same reasons, Austin also made Forbes list of the 25 Best Cities for Jobs, ranking #23 this year.  The city moved up from the #51 ranking last year, primarily due to income and job growth.  As most technies know, the region nicknamed “the Silicon Hills” is home to a proliferation of high-tech companies who are some of Austin’s biggest employers, like Dell, IBM and Freescale Semiconductor (a spin-off of Motorola).  No wonder why Wired magazine gave the #4 spot on its Top Tech Cities list to Austin.

Don’t want to work for Corporate America?  Austin is a great place for entrepreneurs too.  The city supports a strong network of home-grown, independent businesses and organizations, like the Austin Independent Business Alliance.  Here, small local businesses thrive against the nationally-known chains since Austinites believe in backing up their own.  A local motto in recent years, “Keep Austin Weird,” not only promotes the city’s diversity and eccentricity, but encourages support of Austin’s local and independent businesses.  If you’re a creator and innovator, this city may be the place for you.  Austin’s entrepreneurial community has been called “the cream of the creative class.”  And research from the Wall Street Journal, naming Austin the #3 Most Inventive City (based on patent activity), and the Harvard Business Review, giving Austin the top spot on its creative index, certainly bolsters that premise. 

Austin Real Estate

For many professionals drawn by Austin’s hot job prospects, its real estate market and affordable new homes are the cherry on top.  At $265,000, the median home price is less than a third of San Francisco, the “creative-class” city that placed second on the Harvard Business Review Creative Index.   While many markets in other parts of the country have experienced double-digit drops in home values and a back-log of resale and new homes for sale, Austin real estate has defied the “bubble burst” trend; Austin homes have continued to appreciate, with the average sales price in September 2007 increasing almost 9% over last September.  Some real estate professionals attribute part of the increase to rising construction costs and more sales of higher-priced homes in the area, but also note that homes have seen a steady uptrend in value largely due to Austin’s strong job market. 

Right now, Austin is seen as a good market to sell a home (while appreciation is on the rise) and a good market for home buyers as well, since a slight slow-down in the market due to the mortgage crisis has left about five months of inventory. Even though home prices continue to rise, new homes in Austin may still be a good investment since the market for Austin homes has been undervalued by about 5%, according to USA Today.     

New home builders focus on developing Austin planned communities of large, single-family homes in the outlying areas of the city, close to new expressways and toll roads - which means faster commute times for working professionals.  Developers are also building high-rise condos downtown for those who are looking to live right in the heart of Austin. Whether you prefer a new home in the rolling hills or a high-rise condo with a view of the city, you can find Austin real estate and Austin new homes for sale to meet your needs.

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