Q2 2022 ended with Austin being a top 5 market nationwide in terms of strength and low inventory but definitely seeing tempering due to equities markets pulling back, interest rates rising from 3.5% to 5.5% and inflation. At The Morshed Group, starting in Q4 of last year, we were letting clients know 2022 would be the year things finally cooled.
By 2025, over 8 new development properties, many of which are investments over $1B, will be fully finished and functioning. The region will soon be home to not only new offices for tech giants but also hospitals, multifamily buildings, entertainment plazas, hotels, and more. All of these new businesses, and jobs, will make the real estate market boom in that area. If you’re looking for the latest hotspot to invest in, look to North Austin.
The current Austin real estate market is a builder’s one due to a construction boom. According to the Texas Real Estate Center at Texas A&M University analyzing data from the U.S. Census Bureau, the number of new homes that received permitting and are under construction so far this year is 11,165. This construction boom includes single-family homes as well as multifamily rental communities in Austin and its surrounding suburbs.
The Austin job market has received many well-deserved accolades recently, including the best-performing job market among the 50+ metro areas with at least one million residents in the Wall Street Journal. Austin ranked first for job growth and share of adults working or looking for work, third for change in the size of the workforce, fourth for change in average weekly wages, and 17th for unemployment rate. Additionally, personal finance content website WalletHub, named Austin No. 5 for the best cities to find jobs in 2022.
Meta is leasing up all the office space in Austin’s tallest tower… Not only are they planning to take over all 589,000 square feet of office space (across 33 floors), they’re looking to hire hundreds all while keeping their other downtown offices. This 66-story high rise is under construction and will be Austin’s tallest building.
As a follow-up to our article earlier this year on the Q2 stadium opening, the North Burnet/Gateway area has seen continued dense housing, commercial, retail, and office developments take shape. Additionally, some affordable housing and hotel development are in the works. The completed Q2 Stadium has proven to be immediately impactful in this area’s growth.
We’re innovative and strategic real estate agents and advisors with an entrepreneurial spirit, who are well-versed in the Austin realty scene and residential real estate. We understand that the life of an entrepreneur can be very busy, and when it’s time to buy a house or purchase an investment property, you don’t have the time oversee every step of the process. We’ve built a formula for simplifying real estate and investing by utilizing our in-depth and up-to-date knowledge of the Austin real estate market, our skills as real estate investors and advisors and our local connections. We have a growing portfolio of homes for sale to help match you with the perfect property.