Texas Hill Country News

Austin Isn’t Following Real Estate Trend of Lower Number of Houses For Sale

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Though Austinites are wary of the growth spurt that has left the city with numerous growing pains, experts say that the city continues to boom in ways that other American cities aren’t. Referring to data from Zillow, Austin Culture Map says Austin “has nearly 24 percent more homes for sale this year than last — by far the highest in the country — with single-family home rentals and median home values also on an upward trajectory.”

Overall, the nation is seeing a drop in the number of homes for sale. Experts say that this is due to the rise of rental properties that lowers the number of homes available for purchase. “Thousands of single-family homes that were once bought and sold every few years prior to the recession have now been converted into rental properties by investors, trading hands much less frequently and further contributing to inventory shortages. Inventory has been falling for years, with supply no longer meeting demand,” economist Dr. Svenja Gudell explains.

The Violet City is actually seeing a rise in both rentals and for sale homes. Clicking on the Zillow map of “For Sale” houses in Austin will leave you endlessly skimming through photos of options in every neighborhood. The mesmerizing search shows that numerous new builds are popping up right alongside older homes, and it doesn’t seem to be slowing down anytime soon.