Austin economy is showing signs of life
Despite economic uncertainty, two large employers are betting on Austin. Big expansion announcements released last week from Tesla and Apple have positive implications for our local economy. More jobs mean more people moving to Austin. Currently, interest rates are hovering in the low 6’s down from a high point of 7.5%. Every point the rate fluctuates affects buying power by approx. 12%. According to the latest statistics released from ABOR, the overall median price for the five-county area in 2022 was $503,000 which is an 11% appreciation over 2021. Keep in mind that Spring saw prices surge 25-30% and that was offset by a decrease in prices during the second half of the year. The median price in December came in at $457,000 which is about 10% less than $503,000. Chances are prices may be down in 2023 compared to 2022 and if the interest rates continue to drop that could further spark buyer demand. The window of opportunity to buy while prices are down and inventory is up may be short. The long-term prognosis for Austin is the economy and the city will continue to be a growth market.