Its no secret that the Austin-area economy is one of the healthiest in the state, and the record home sales in 2013 are certainly a reflection of that fact. Home sales in the Austin market hit a record high of 27,000 – not just a record high for the past few years, but the highest number of home sales EVER for the Austin metropolitan area. Seeing as Austin has been labeled the new country-wide tech hub, the housing and rental markets in the city are not expected to do anything but continue to rise. With companies such as Google, Apple, Facebook, and DropBox all making major expansions in Austin within the next year, 2014 looks to bring even more improvement for both the economy and the real estate market.
Photo Credit: NYTimes.com
A side-effect of this mass migration to Austin is that areas of the city that had previously been not-so-desirable are turning into areas of mass opportunity, mainly the areas directly east of Downtown. Major development companies and local businesses alike are buying up land in bulk on the east side of town to tear down and transform into huge, multi-use residential and commercial properties, promising turn this area into a bustling, urban marketplace similar to that of The Domain. We certainly have high hopes for these properties and all of the business that the expanding market will bring!
Lord knows the new Starbucks that will serve alcohol (set to open up on East Riverside) is definitely a step in the right direction…
To read more about the booming housing market, check out this Austin American Statesman article.