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Austin-Round Rock has the best housing market for growth and stability, new study says

HOUSING MARKET REPORT

Photo courtesy of SmartAsset

Despite concerns about housing prices and availability in the state, a new study deemed six major Texas metropolitan areas some of the best housing markets in the nation for their growth and stability. And the Texas Capitol city took the No. 1 spot.

In SmartAsset’s report, Austin-Round Rock earned its best housing market title due to its eye-watering 354 percent home price increase since 1998, which is vastly greater than any other area in the country.

Considering Austin’s population has just about doubled in the last two decades, the housing market’s skyrocketing growth was inevitable. The relocation of several tech companies to the city surely didn't hurt. Even Austin’s apartment construction has the highest growth rate in the nation.

Five other Texas metro areas also earned spots in the top 10 best housing markets, making it pretty clear why the Lone Star State has the sixth highest property tax rate in the U.S. Two west Texas markets, Midland and Odessa, ranked No. 2 and No. 7, respectively, with similar growth rates of 256 percent and 226 percent.

Dallas-Plano-Irving ranked just behind Odessa at No. 8 with a 213 percent growth rate. Home prices in Austin’s Hill Country neighbors San Antonio-New Braunfels have tripled since 1998, a 204 percent increase, earning them the No. 9 spot. Houston-The Woodlands-Sugar Land rounded out the top 10 with a 203.90 percent growth rate.

The top 10 best housing markets for growth and stability are:

  • No. 1 – Austin-Round Rock
  • No. 2 – Midland, Texas
  • No. 3 – Boulder, Colorado
  • No. 4 – Fort Collins, Colorado
  • No. 5 – Kennewick-Richland, Washington
  • No. 6 – Rapid City, South Dakota
  • No. 7 – Odessa, Texas
  • No. 8 – Dallas-Plano-Irving
  • No. 9 – San Antonio-New Braunfels
  • No. 10 – Houston-The Woodlands-Sugar Land

The report looked at home value data from 400 nationwide metro areas between 1998 and 2022. Overall, home prices have grown an average of 154 percent since 1998.

Other Texas housing markets that earned spots in the report include Waco (No. 13), Fort Worth-Arlington-Grapevine (No. 14), San Angelo (No. 15), College Station-Bryan (No. 18), Sherman-Denison (No. 19), and Abilene (No. 20).

In a similar analysis of the worst housing markets for growth and stability, 13 out of 20 on the list are located in Michigan and Ohio. No Texas cities appear on the list.

The full report can be found on smartasset.com.

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Photo courtesy of The Modern Architecture + Design Society

Austin home prices drop while low inventory spells less affordability for buyers

REAL ESTATE REPORT

Average home prices decreased last month while inventory remained flat, signaling that the Austin regional market needs more housing. The latest monthly report from the Austin Board of Realtors (ABoR) shows median home prices dropping 6.3 percent in January, marking the largest price decrease since July 2011.

According to the report, the current average home price in the Austin metro area is $450,000. But even with the price drop, homes spent an average of 76 days on the market, only three more days than in December 2022, but 47 days more than in January of last year.

Residential home sales last month declined 27.3 percent in comparison to January 2022, with new listings also seeing a 16 percent decrease year-over-year. However, new listings from December to January increased 63.4 percent to 2,988 homes. ABoR’s report says this trend shows sellers are finding more opportunities in the market, while also demonstrating more active buyers.

Ashley Jackson, 2023 ABoR president, warns that these recent year-to-year comparisons are occurring at an abnormal time in the market. She says January’s data demonstrates a “post-pandemic normal” for the Austin-Round Rock metro area.

“As we reset our expectations to reflect the information our realtor experts are seeing in real-time, we need to look at month-to-month trends to have a true sense of what is going on in the region,” she said in a statement.

Despite the median home price decreases in Austin and Travis County, surrounding areas like Caldwell and Hays counties are seeing the opposite. Jackson says the two outlying counties are “the most affordable pockets in Central Texas.”

“When we have a city like Austin challenged by affordability, the entry point in surrounding areas will slightly increase as people try and find neighborhoods they can afford,” she said.

She predicts rising interest rates and availability of affordable housing will be a much bigger challenge for consumers in 2023.

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Austin named the No. 4 best U.S. market for homebuyers in new report

Best for Buyers

After unprecedented price growth, super low inventory, and a buying frenzy throughout the pandemic, reports show that the once red-hot Austin housing market has begun to stabilize. Now, it has a new title as we head into the new year: one of the best U.S. markets for buyers.

A report released November 30 by home finance technology company Knock ranks Austin No. 4 among the top 10 buyers' markets in the U.S.

For its index, Knock measured the ratio of average sale to asking price, number of homes sold, number of active listings, median days on market, median sale price, and the rolling supply of homes in a given month. According to a release, Knock "uses data on more than 150 million properties in the nation’s 100 largest, most active metropolitan areas since November 2016 from a number of sources." The most recent index is based on October 2022 data.

In recent months, Austin has benefited from skyrocketing inventory, reaching the highest levels in a decade in October. The market has also seen home price growth return to "normal," with the most recent median and average home prices coming in well below the market peaks seen in early 2022.

All of this has contributed to the shift from one of the best markets for sellers to one of the best for buyers. Knock breaks down the Austin-Round Rock-Georgetown market data as follows:

  • October inventory: 7,610
  • YOY inventory change: 70.2 percent
  • Median days on market: 38
  • Months supply of inventory: 2.7
Earlier this year, Knock predicted that the Austin market is poised for the most dramatic swing by summer 2023, from a sellers market to one that favors buyers. Reports from the Austin Board of Realtors continue to underscore the market's "return to normal," with board president Cord Shiflet stating in November that "[local] buyers have more options today than ever before."
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Women and Gen Z are the most financially stressed — and how that fits with recent local findings in Austin

show them the money

Money may not buy happiness, but financial stress affects every generation — some groups more than others. Point, a home equity lender, did some research and found that personal finance was negatively impacting the mental health of 55 percent of respondents, especially Gen Z and women.

The study covered four broad sources of stress: personal finances, climate change, geopolitical issues, and social issues. Both Gen Z and women were most stressed in all categories except geopolitical issues, where men and Boomers took the lead. Actually, despite Boomers' financial stability, they worried about every other category the second-most after Gen Z, coming in almost even on the issue of climate change.

The report measured the frequency of responses that impacted "mental health 'a great deal' or 'quite a bit,'" indicating that the reported stress was significant. It does not include data about milder stress.

Adult Gen Z was most worried about their ability to save to buy a house, followed closely by not being able to find jobs that pay enough for general living expenses — two sides of the same coin, or credit card. Gen Z was least worried about losing their jobs, perhaps because they're not paying enough to begin with, and most of Gen Z hasn't had their jobs for more than a few years.

There was not a further breakdown of women's stressors, but Austin women are surely feeling the pressure of our pay gap. Women in the capital city are making nearly $11,000 less than men, even though Texas at large is supposedly a great place for women in business.

Thankfully for Austinites stressed about being able to save for a home, the housing market has been stabilizing, according to the Austin Board of Realtors. First-time homebuyers who can get their credit together and afford a down payment may find relief in refinancing, and have at least five excellent neighborhoods to look in, or perhaps they'll even leave the city proper in favor of nearby suburbs.

Georgetown, one Austin's closest neighbors, is the fastest-growing city in the country, and should have improved access around Austin after Project Connect's light rail fills in the gaps left by the 40-minute commuter rail. If renting in Austin is more appealing than moving, renters can expect to afford about 714 square feet for $1,500 — only slightly less than the 782-square-foot national average.

Like any city, Austin has its roses, buds, and thorns, but across the board, things in this city seem to be stabilizing for the first time in years. Maybe that's why, despite the stress, we're still one of the happiest cities in America.

9 grilled, chilled, and oddity-filled events on Father's Day weekend

Father's Day Weekend Events

With all its events and activities, Austin is always a good place to spend some time with dad. But this Father's Day is even more packed with opportunities to celebrate fathers and father figures with the gift of an unforgettable experience. Connect with family and loved ones June 16-18 in local-approved style.

Keep things traditional by breaking bread with your old man at brunch day parties and with special dinner menus. For the dads who prefer a bit of spontaneity, live concerts and curiosity collections on display offer up alternative ways to create memories during this family-focused holiday.

Check out these nine cool things to do with your dad this Father’s Day Weekend, and come back for more ideas as we hear about them.

Friday, June 16

Oblivion Access Festival
This local Austin indie music festival is the perfect experience gift for all the dads who rock. The four-day event will occur at various venues across the city, including Mohawk, Valhalla, and Empire Control Room & Garage. More than 60 bands and musicians pepper the setlist, with Faust, Duster, TR/ST, Tim Hecker, and Godflesh as some of the headliners. Get a full schedule of events and tickets at oblivionaccessfestival.com.

Saturday, June 17

Lake Austin Spa Resort's Father’s Day packages
Give Pops the gift of indulgent relaxation with the help of Lake Austin Spa Resort’s newest father-focused packages. Gift cards are available for Dad to use on his own, or couples celebrating together can try the “My Guy and I” package, which includes a massage for two, lunch from the spa’s Aster Cafe, a pool cabana rental, and more. Guests can also take advantage of a 60-minute facial experience featuring a range of products from the luxe Swiss skincare line, Valmont. Visit lakeaustin.com for booking details.

Oddities & Curiosities Expo
Tap into you and your Dad’s shared inner quirkiness when you explore all things strange and unusual on display at the Palmer Events Center. The expo will showcase oddities from 150 vendors offering wares including taxidermy, Halloween-inspired artwork, skulls, antiques, and more. Guests can also enjoy photo ops, tarot readings, concessions, and sideshow performances. Get more details at odditiesandcuriositiesexpo.com.

Sunday, June 18

Meanwhile Brewing Co. presents a Father’s Day Party with Thinkery
Meanwhile Brewing Co. welcomes fathers and their kiddos to the brewery morning of family-friendly fun for all ages. Thinkery will host two STEAM-inspired children’s projects while parents enjoy their own age-appropriate activities in the taproom. Food trucks on locations will serve lunch and brunch menu offerings to fuel the creative process. Admission to this event is free and open to the public with reservation. RSVP on meanwhilebeer.com.

Mozart Coffee Roasters presents a Father's Day Cherry Pie Eating Contest
Encourage your father’s sweet tooth with a side of friendly competition at Mozart's Coffee Roasters. Participants will have eight minutes to eat as much cherry pie as possible, with the winner being the person who eats the most. Prizes include Mozart's coffee, swag, gift cards, and a sunset boat ride on Lake Austin for the 1st place winner. Admission is free and open to the public. Get more information on how to enter the contest on Eventbrite.

EncoreATX presents a Father's Day Brunch + Day Party
Party with your parents at this lively XO Nightclub Austin event. Highlights of this midday bash include a full bar, a brunch menu featuring chicken and waffles, greens, mac and cheese, yams, and DJ sets. In addition to brunch, the venue makes a slight departure from its usual hip-hop soundtrack, promising "RnB vibes." Large parties are welcome, so the whole family can get in on the fun. Get tickets and more menu information on Eventbrite.

Father’s Day at Perry’s
Elevated Texas steakhouse Perry’s invites fathers and their families to a culinary experience of dad-approved fare. Dine with Dad early for brunch and enjoy a variety of specialty, off-the-menu cocktails. Evening menu items include a three-course pork chop supper, a 22-ounce, bone-in prime rib steak, and other decadent dishes suitable for a king. Reserve a table and get additional menu information on perryssteakhouse.com.

William Chris Vineyards presents its Annual Hog & Goat Roast
Venture out to the acclaimed William Chris Vineyards and give your dad a day off from manning the grill. Guests to the annual roast can feast on slow-cooked hog and goat prepared by the winery’s on-site culinary team, while taking in views of the vineyard and the Texas Hill Country. Wine specials will also be available throughout the event. Purchase tickets to the roast at shop.williamchriswines.com.

Sway presents a Father’s Day Grill Out
Swanky Austin Thai eatery Sway brings "an interactive grill station" to its patio for a family-style culinary experience with Father’s Day flair. Special dishes include smoked meat options, the restaurant’s first-ever burger, and a Thai coffee ice cream sandwich. If a day at Sway sounds great without the grilled options, the regular menu will still be available. Make your reservations on swaythai.com.

Cheers cast reunites in Austin, plus more highlights from the ATX TV Festival

30 years after turning the lights off on the bar, the cast of Cheers reunited in Austin this month. While there were a few cast members missing, including Texan Woody Harrelson, three of the main men of the classic '80s series were on hand for the ATX TV Festival. But that's not all that happened at the fest.

Cheers Reunion

Photo by Jack Plunkett.

Members of the Cheers cast reunite at ATX TV Festival.

The four day celebration of television kicked things off on Thursday, June 1, with an Outlander panel. It just so happened to be World Outlander Day and Catriona Balfe was in attendance. She joined a discussion about what it's like to work both in front of the camera and behind. She even gave the electrified audience a tease of some things that are to come in Season 7 of the groundbreaking series, premiering June 16 on Starz.

Later that afternoon, audiences got a sneak peek of an episode of Manifest, which returned for its final season on Netflix the following day. Following the screening, cast members of Manifest, Justified, and a handful of other projects featured at the fest walked the opening night red carpet.

Highlights from Friday, June 2, included presentations of Primo, Minx, Accused, and Cruel Summer, and a Shark Tank discussion that included Austinite Kendra Scott.

But the biggest highlight of the night was the Cheers reunion: Ted Danson, John Ratzenberger, and George Wendt walked onto the stage at ACL Live amidst raucous applause. The trio, along with co-creator James Burrows, enjoyed a drink earlier in the day at Dumont's Down Low while shooting a segment for The Today Show.

Sadly, there were no female cast members present for the event and though we were hoping for a surprise appearance from Woody Harrelson, one never came. The evening was a success regardless. The gentlemen are just as entertaining as ever, making the sold out audience clap, laugh, and cheer for more.

Danson stuck around for a chat with wife Mary Steenburgen which started out Saturday's programming. Jury Duty packed 800 Congress, as did Mayans BC, while a panel on the WGA strike educated festival goers on the demands of the entertainment union.

Saturday night's main event was a screening and Q&A with the cast and creators of Righteous Gemstones. All main cast members were is attendance. That means Danny McBride, John Goodman, Adam Devine, and Edi Patterson were all there. Like the Cheers reunion, the event took place at ACL Live and was open to non-festival goers who could buy standalone tickets.

The addition of the ACL venue was one of this year's biggest success stories. Addressing the crowd post screening, Devine said that the viewing experience was pretty insane: "You don't get a chance to watch the show with, I'm gonna say, 25,000 people," he joked.

The final day gave fans a look at the upcoming Prime Video docuseries The Ride, which follows a group of bull riders throughout the PBR Team Series — including the Austin Gamblers.

Austin resident Christy Carlson Romano and co-founder of PodCo hosted a podcasting panel with fellow podcasters who previously starred on hit TV shows in the '90s and early 2000s. Stars of The Wizards of Waverly Place and Ned's Declassified took part, as well as the Lawrence brothers: Joey, Matthew, and Andy Lawrence.

Finally, yours truly hosted a panel with The Women of the Good Doctor where we discussed the series' most impactful storylines, what it's like to be a woman in the entertainment business, and what to expect in season 7 of the ABC series.

The ATX Television Festival launched in Austin in 2012. This was the 12th season for the homegrown TV extravaganza.

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