The Austin housing market is outperforming national trends, latest report shows

REAL ESTATE REPORT

Photo courtesy of West U Home Tour

Housing inventory is on the rise, as is the number of days houses spend on the market, while prices are steadily falling. That spells another month of a balancing act in the Austin-Round Rock housing market, according to the latest report from the Austin Board of Realtors (ABoR).

“This is still a market that is seeing lots of activity, just not at a record-setting pace, and that is to be expected given broader economic trends,” said 2023 ABoR president Ashley Jackson. “Home prices are moderating, pending sales are holding strong, and homes on the market last month are selling closer to list price. These are all signs of a market that is still balancing and doing so in a healthy way.”

Housing inventory has continued to increase from March to April, now at 3.2 months (active listings for the month divided by sales), and homes are spending 53 days longer on the market now than they were in April of 2022.

An additional sign of a stabilizing market in Austin comes from a recent comparison to declining home sales across the country. The National Association of Realtors' latest data from March of 2023 showed nationwide home sales falling 22.7 percent, but that was not the case in Central Texas, where home sales only fell 14 percent over the same period. The report said these findings demonstrate the “resilience of the region’s economy.”

In Austin proper, April home sales fell by 31 percent, and median home prices fell 11 percent to $565,000. Though pending sales also declined last month, active listings spiked to 2,357.

Active listings in all five Central Texas counties continued to skyrocket from last month’s report. While home sales dropped in most counties, Hays County saw a 1.1 percent increase in April.

Median house prices are still dropping across the Central Texas region, though houses in Travis County remain the most expensive at $537,500. Hays saw the largest year-over-year price drop at 16.9 percent, with homes priced around $416,500. Median home prices in Caldwell County dropped 15.1 percent year-over-year and are the lowest in the region at $297,000.

ABoR housing economist Clare Losey cited inflation and mortgage rate woes, recession fears, and banking stress as major contributors to falling housing prices.

“In Austin, robust job and population growth have mitigated these effects on homebuyer demand, favorably indicating that our region’s economy and housing market continue to outperform national economic trends,” Losey said. “Austin remains resilient and able to withstand broader economic turbulence more effectively.”

Photo by Mitchell Kmetz on Unsplash

Interest in moving to Austin has waned and more people are turning to the 'burbs, new report finds

HOME IS WHERE THE HEART IS

Despite being one of the fastest-growing metro areas in the nation, interest in relocating to Austin is becoming less focused on the city, and more on the suburbs.

A new study by moving experts moveBuddha took a look at data from Austin’s metropolitan statistical area (MSA) from 2020 to 2022. Their analysts determined trends for when and where new residents are moving, as well as which city they’re coming from.

In a nutshell, most people moving out of Austin were moving out of the following areas: North Loop and Hyde Park (78751), south of Dessau in between I-35 and 290 (78754), Tarrytown and Old West Austin bordering the river on each side of Mopac (78703), the area south of Mopac and 183 holding Crestview, Allandale, Wooten and North Shoal Creek (78757), and Jollyville (78729).

The zip code that had the most “positive” search volume in 2022 was downtown Austin’s 78701. But moveBuddha doesn’t attribute that as the top destination of where people are moving, but as the default zip code that travelers and tourists search for.

Leander is the true winner for growth in the Austin area, according to moveBuddha and the U.S. Census Bureau. It was declared the fastest-growing city in all of America between 2018 and 2019. The increasing popularity of CapMetro’s rail line that leads into the heart of downtown Austin is likely a major factor into why Leander locals enjoy embracing the suburban life.

When looking at the data of where newcomers are moving from, it’s certainly not a surprise that Californians really do love our city as much as we do. The study found that for every 100 Austinites that thought about moving to San Francisco in 2020, a staggering 1,213 residents from San Francisco were considering making the opposite move. A similar ratio was discovered for residents in Silicon Valley’s San Jose.

The top five U.S. cities with residents that are moving to Austin are:

San Jose, California
San Francisco, California
Chicago, Illinois
Nashville, Tennessee
Houston, Texas

Even with the influx of transplants, waning interest in Austin since 2020 was not exclusive to just the Golden State. Residents in Atlanta, New York City, Brooklyn, and Washington D.C. were extremely attracted to the idea of moving to Austin in 2020, but as of 2022 no longer share that desire.

On the other hand, plenty of Austin residents are leaving the state for a city with similar progressive values. According to the report, Denver is where Austinites see the most interest in moving within recent years. Access to outdoor recreation, lots of local music, and enough “weird” vibes are the big draws for the Colorado city.

Most of the concerns with residents leaving the city have to do with cost of living increases, such as rising rent and housing affordability.

The top five destinations for Austinites moving out of the city are:

Denver, Colorado
New York City, New York
Portland, Oregon
Washington, D.C.
Raleigh, North Carolina

The full report and its methodology can be found on movebuddha.com.

Photo by GeoJango Maps on Unsplash

Austin was a top 10 destination for movers in 2022, study says

HEY SIRI, TAKE ME TO ATX

Many Americans relocated to Texas’ Sunbelt region in 2022, but Austinites may be surprised to see the city movers set as their destination. Perhaps they're also a little relieved to learn that city is Houston. However, Austin is still a top 10 destination for American movers, according to a the latest “Top Moving Destinations” report from Penske Truck Rental.

Austin only ranked No. 10 this year, which is a one-place drop from the 2021 report. Meanwhile, 2022 was Houston’s second consecutive year as the No. 1 moving destination. Dallas' rank remained the same year-over-year from the previous report at No. 7. San Antonio also appeared ahead of Austin at No. 9, which is a three-place drop from 2021 when the city ranked No. 6.

Penske has been reporting on the migration patterns of Americans for 13 years, using data from the U.S. cities with the most inbound one-way consumer rentals throughout the year. The U.S. Census Bureau estimated 23.7 million Americans moved in 2022, which is about 4 percent more than in 2021.

In the report, Penske Senior Vice President Kevin Malloy said it’s “always exciting” to find out where the company’s customers are moving with each new release.

“We understand just how hectic the moving experience can be and pride ourselves on putting the consumer first throughout the rental experience,” he said.

Penske’s top 10 moving destinations in 2022 are:

No. 1 – Houston
No. 2 – Las Vegas
No. 3 – Orlando, Florida
No. 4 – Phoenix
No. 5 – Atlanta
No. 6 – Charlotte, North Carolina
No. 7 – Dallas
No. 8 – Jacksonville, Florida
No. 9 – San Antonio
No. 10 – Austin

With the arrival of National Moving Month in May, Penske decided to commemorate the month by releasing four specially-curated playlists on Spotify. Each playlist is under an hour and a half long, and has its own unique “vibe” to describe what it feels like to move. They also come with apt names: “Pack It Up,” “Moving on Mix,” “Forwarding Address,” and “Make This House, Home.”

The song choices are intended to “help people look forward to the journey ahead,” according to Malloy.

More information about Penske's report can be found on pensketruckrental.com.

Photo courtesy of KVUE

Highly anticipated Austin skyscraper only half as tall as planned

not-so-tall order

What would have been the tallest skyscraper in the State of Texas has been cut in half to only 45 stories tall.

The Wilson Tower, which was first proposed in November 2022, was originally proposed to house 450 apartments, reach 1,035 feet in height, and break ground in the summer. Now five months later, the plans have been altered and the tower will only reach 45 stories.

The shortened plan comes three months after the tower failed to receive approval from the City of Austin's Design Commission to begin construction.

The denial from the commission, which was a nearly unanimous vote, required Wilson Capital, architect HKS Inc. and landscape architect Nudge Design to revise the project. The only board member who did not vote was Commissioner David Carroll. The rest of the board members stated that the skyscraper did not meet Austin's urban design standards.

Those standards included how the skyscraper would interact with the public and the floor-to-area ratio. The standard floor-to-area ratio is 8:1, and the developer requested 23:1.

Read the full story and watch the video at KVUE.com.

Photo courtesy of SmartAsset

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

HOUSING MARKET REPORT

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.

Photo courtesy of Realty Austin

Austin home buyers have more power when it comes to inventory, report says

REAL ESTATE REPORT

Confidence in the real estate market has grown since February, with buyers gaining more leverage through inventory increases across the Austin-Round Rock metro area, according to the latest monthly report from the Austin Board of Realtors (ABoR).

The report shows that housing inventory in February spent an average of 84 days on the market, a massive 55-day jump from February of 2022. The current median home price for the metro area is $436,419, a 12 percent drop from the previous year.

“Austin’s housing market is trending in the right direction. Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move,” said 2023 ABoR president Ashley Jackson in a press release. “Remember, a healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable.”

Though Austin and Travis County's completed home sales decreased by less than 30 percent during February, active home listings skyrocketed in both areas. New home listings in Austin decreased less than one percent, while pending sales declined nearly 20 percent. Travis County's pending sales also saw a 16 percent decrease, while new home listings increased 5.7 percent.

Outside Austin, median prices continued to fall in Williamson, Hays, Bastrop, and Caldwell counties. The price decreases led to more completed home sales in Bastrop and Hays, while Caldwell's home sales stayed flat, and Williamson County's home sales decreased.

“Looking at the month-to-month data, we see that pending sales are consistent or rising in neighborhoods that are typically more affordable in areas outside Austin city limits," said Ashley Jackson. "Along with rising inventory, that’s a good sign for housing market activity this spring.”

Taylor Jackson, CEO of the Home Builders Association of Greater Austin, encourages home buyers and sellers to have a wider outlook when trying to understand the housing market. She says homebuilders are “gaining more confidence” in the market’s stability every month.

“This is evidenced by fewer cancellations and minimized supply shortages,” she said in the release. “Additionally, first quarter sales incentives have remained strong and for the first time in a long time, builders have a renewed sense of optimism in the direction the market is heading.”

Jackson also stressed the importance of any incentive that increases housing accessibility for buyers, since many still struggle to afford living in Austin proper.

“There is still plenty of work to do to address systemic issues in affordability, accessibility, and missing middle construction, and those should remain our community’s number one concern,” she explained.

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Heartless Bastards to play two nights at Antone's, plus more Austin music picks for early June

Music Notes

School’s out for summer, so now you've got plenty of time to take in the many great local shows that are coming up. Recommendations for the first half of June can be found here.

Beat 4 Beat at the Belmont – Thursday, June 1
Beat 4 Beat, which provides free after-school music classes for Austin-area school districts and private schools, is holding a fundraising show this Thursday, June 1 at the Belmont. Latin funk vets Grupo Fantasma will headline, and Jaime Ospina (of Superfónicos) will open the show. There are two ticket options: $30 for GA, $60 for VIP.

Rickshaw Billie’s Big Dumb Fest at the Mohawk – Sunday, June 4
Rickshaw Billie’s Burger Patrol have put together what they’re calling the Big Dumb Fest, and it's this Sunday, June 4 at the Mohawk. Aside from the buzzy rockers, the lineup includes Gus Baldwin & the Sketch, Tia Carrera, Eagle Claw, Billy Glitter, Buzz Electro, and Pinko, plus you can expect eats by Chilly’s Philly’s, Bad Larry Burger Club, Jim Jams Biscuits, and Chef’s Kiss. Tickets for the event are just $20.

Britt Daniel at C-Boys Heart & Soul – Wednesday, June 7
Spoon frontman Britt Daniel has a solo gig lined up for Wednesday, June 7 at C-Boys Heart & Soul. Jo Alice will join him for the set, and you can also expect performances from Alicia Gail and Shooks. Tickets for the show are $12.

Sir Woman at the Parish – Friday, June 9
Soul pop act Sir Woman (Kelsey Wilson of Wild Child) has a new song on the way and a show on the books for Friday, June 9 at the Parish. Cat Clemons, Motenko, and Sketch round out the rest of the bill. Tickets are $22 each.

Heartless Bastards at Antone’s – June 9 & 10
Heartless Bastards have two shows coming up at Antone’s – Friday, June 9 and Saturday, June 10. The rock act, which features the big-voiced Erika Wennerstrom, will be joined by Jon Muq on the first night and Tele Novella on the second. Tickets for each show are $30.

Being Dead at Hotel Vegas – Friday, June 16
Get yourself to Hotel Vegas on Friday, June 16. Not only will Being Dead be celebrating the release of a new single off their anticipated album, When Horses Would Run, but the rest of the bill also features some noteworthy up and comers, including Die Spitz, Font, and je'Texas. Tickets can be had for just $10.

8 enticing Austin exhibits to jump into this June

State of the Arts

The arts in Austin make a splash this month with a refreshing assortment of exhibits. There are community made fairy dwellings to admire, and hopefully a fairy or two to see at Zilker Botanical Garden; a group photography show at Cloud Tree Gallery that questions the role of photographer in a world where we are all photographers on our mobile devices; Patrick Puckett gives us bold, confident Southern tinged portraits at Wally Workman; and Austin artist Thomas Flynn II paints forests and nature meant to tickle your fancy at Vaughn Gallery. Soak up these energizing summer exhibits while the sun shines.

Zilker Botanical Garden

“The Woodland Faerie Trail” — Now through June 10
The fairies have arrived at Zilker Botanical Gardens to take up their summer residency in tiny, natural homes created by Austin families, school groups, and individuals on display off the Oak Grove, along the winding Woodland Faerie Trail. The Garden hosts special events like a chance to visit the fairies by moonlight on June 3, or a Fae Fest on June 10, where you can make your own fairy wings, be a part of a fairy fashion show, or explore examples of plants featured in botanical folklore.

Dougherty Arts Center

“Darcie Book: Second Sight: A Visual Opera" — Now through July 22
Interactive installations are always fascinating because, suddenly, we are told we can touch the art and enjoy a tactile experience beyond just gazing at it. “Second Sight: A Visual Opera” by multidisciplinary artist Darcie Book is a single piece — an abstract narrative — that unfolds as the viewer-participant moves through the space and is confronted by unexpected materials. "In the darkness, in the unknown," the description posits, "we are in a world between dimensions."

Austin Central Library

“Aubree Dale: Go-To’s” — June 2 through August 12
“'Go-To’s' is an exhibition of oil paintings big and small peppered with small supplementary sculptures," explains the artist's website. Dale’s sculptures are fashioned out of "rescued plastics and homemade bioplastics" that become "transparent artifacts and portals." The exhibit sprung out of the artist becoming a mother and her feelings of anxiety and abundance as well as “a scaling back of my eagerness to please others.”

Cloud Tree Studios and Gallery

“Generation Loss: Image Making in an Age of Over-Saturation" — June 3 through 24
In this group photography show, twelve artists examine what it means to be a photographer "in an age where everyone is a photographer." The gallery explains that "in analog media development, the term 'generation loss' refers to the modification of content and reduction of detail when duplicates or multiple generations of copies are created." Are we responsible for “reducing” the art of photography because of the abundance permeating our lives via social media?

Wally Workman Gallery

"Patrick Puckett: Mythos" — June 3 through July 2
If you enjoy "bold colors and languid figures," you may enjoy the work of Patrick Puckett whose paintings are "unapologetically sure of themselves." The works on paper aim for intimacy, with confident brush strokes and colors. The figures in Puckett's paintings are "visual inventions" from his experiences living in the South.

Vaughn Gallery

“Thomas Flynn II: To Catch the Sun Dreaming” — June 8 through July 22
Thomas Flynn II is an Austin artist bringing a fresh perspective on plein air painting (i.e. painting outdoors) creating environmental and thought provoking paintings on raw canvas. In Flynn’s work forests and nature "represent a place of eternal play and exploration" as well as the "cycles of growth and decay." After viewing his work you feel like you’ve had your daily dose of Mother Nature.

Art for the People

“Vibrance of Summer" — June 10 through August 11
With more 35 artists participating, “Vibrance of Summer” is all about immersing oneself in the vibrance of summertime and the energy of the season. Some featured pieces include a stained glass mountain landscape, a multimedia textured work displaying the art of tree bark, and a moody painting of blueberries that subverts the usual colors of summer. If you need a cheerful, sunny arts experience, then Art for the People is offering a dose of cheer.

West Chelsea Contemporary

Courtesy of West Chelsea Contemporary

Beauty and the Beast, 1959 by Slim Aarons, estate stamped print.

“EDITIONS” — June 16 through July 16
“Editions” features more than 100 artists over a span of six decades showcasing limited-edition prints, which as the gallery points out, "creates a sense of exclusivity and scarcity." It continues, "From modern masters and blue-chip artists to street art pioneers and ultra-contemporary innovators, the exhibit delivers a diverse range of artists who have each utilized printmaking as a way to experiment within and expand the reach of their artistic practice." From Chuck Close, Keith Haring and Damien Hirst all the way to Fab 5 Freddy, the exhibit packs a punch with the breadth and depth of artists.

Here are the top 7 things to do in Austin this weekend

Weekend Event Guide

Star-studded television moments, lots of live music, and free festivities are at the top of our agenda in the coming off-duty days. Stretch your savings a bit with a hefty number of happenings that cost you nothing but your well-spent time. Check out the top seven things to do in Austin this weekend. For a full list of events, visit our calendar.

Thursday, June 1

ATX Television Festival
The highly-anticipated ATX Television Festival returns for another year. Festival programming has been thoughtfully curated in cooperation with the current Writers Guild of America (WGA) strike. Highlights of the four-day event include a screening from Season 3 of HBO's The Righteous Gemstones with cast members in attendance; a conversation with the cast and showrunner ofGrown-ish; a discussion about the ongoing writers strike; and more. For badges and scheduling information, go to atxfestival.com.

LBJ Presidential Library presents"Y'all Means All" — Night at the Museum
Round up family and friends for a day of inclusion and community at LBJ Presidential Library. Visitors can connect with participating organizations to gather knowledge, make new friends, and revel in the spirit of togetherness in a safe and educationally-appropriate space. Festivities include door prizes, interactive exercises, refreshments, and live music on the LBJ Library Plaza. Admission to this event is free and open to the public. All ages are welcome to attend.

Friday, June 2

Moody Center presents Billy Strings in concert
The Moody Center welcomes Bluegrass artist Billy Strings to the stage for two back-to-back evenings of live music. The Grammy-winning guitarist has released three albums throughout his career, including 2021’s Renewal. He was also the top pick for many concert-goers at Austin City Limits Festival in 2022. Check out seating availability on Ticketmaster.

ATX Television Festival, ATX TV Festival

Austin Television Festival/Facebook

In light of the TV writers strike, an Austin TV festival has made major changes to its schedule.

Saturday, June 3

Travis County Parks Foundation presents For The Love of Parks
Bask in the wide open spaces of Richard Moya Park at the inaugural For The Love of Parks event, in honor of the new Travis County Parks Foundation, which aims to direct efforts from individuals and nonprofits to expand the accessibility of local parks. Highlights include kids' activities, food truck offerings, and live music by Del Castillo. Get a full schedule of programming at traviscountyparksfoundation.org. Admission is free and open to the public.

Sunday, June 4

Hill Country Galleria presents Bee Cave Farmers Market Opening Day
The first fresh and locally-grown produce of the season is on fully harvested display in the beautiful Texas Hill Country. Experience the new Bee Cave Farmers Market on opening day. Guests can also peruse and purchase a variety of prepared foods and goods while enjoying live musical entertainment. Get more information at hillcountrygalleria.com.

The Gallery ATX presents Art in ATX: Pride Market
Batch Craft Beer & Kolaches hosts a free outdoor market just in time for Pride Month. Guests can shop wares, fare, and handcrafted goods from more than 20 featured queer artists based in the Austin community. Stick around all afternoon to enjoy live music by Javijuu, Female Gallery, and DJ Damino.

Moody Center presents Janet Jackson in concert
Legendary singer-songwriter Janet Jackson blazes the stage at Moody Center for one night only. The entertainer taps Austin as part of her concert tour, Together Again, which celebrates her 50th anniversary as a pillar in the entertainment industry. Fans can expect a packed setlist featuring her biggest chart-topping hits, new music, and tracks from two of her most popular albums, The Velvet Rope and janet, respectively. Get more information on Ticketmaster.

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