The Austin Housing Market is the sixth hottest in the US.
Culturemap Austin reports that Zillow ranked US cities on several metrics to determine their “hotness” score. Those include home value and rent forecasts, income and population growth, and current unemployment rates. Zillow also looked at Glassdoor’s number of job openings. See how these metrics affect the Austin housing market.
Home Value and Rent Forecasts
The Austin housing market is forecast to go up 3.3 percent.
Income and Population Growth
Austin’s average income is $71,000. This is lower than other cities in the study. However, your income goes farther because Austin’s cost of living is lower. Austin’s population grew 2.8 percent between 2015 and 2016, which was faster than other cities.
Unemployment Rate and Job Openings
Austin’s unemployment rate is 2.9%, among the lowest of the large metros. In addition, Glassdoor reports that Austin has 47,430 job openings.
The city’s hotness score landed the Austin housing market in the 6th spot.
Neighborhoods Projected to See the Most Growth in Home Values
Pecan Springs Springdale
This east Austin neighborhood is forecast to see a 7.4 percent increase in home values. It’s located between 183 and Manor Road, north of 51st street. This is a mostly residential area, but it’s just 5 minutes from the Mueller development. That’s a large reason why it’s seeing the biggest gains in the Austin housing market.
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Another eastside neighborhood, homes in MLK are expected to go up by 6.1 percent. MLK is located between Airport and Springdale, south of Anchor Lane. Once again, proximity to the Mueller development is a major draw for this area.
Also in East Austin, Montopolis is north of Ben White, south of the Colorado River, and east of Montopolis/Grove. Home values are projected to increase 5.7 percent.
West Congress and Coronado Hills round up the hottest neighborhoods in the Austin housing market. Housing costs there are expected to go up 5.2 and 4.7 percent respectively.