Austin is a bustling hot spot these days. The influx of new buyers and businesses moving to Austin has cast a wider net for housing development. To the east, the new Tesla gigafactory has propelled new construction near the area. Whisper Valley, a unique eco-community, is starting to pre-sell Phase 2 called Whisper Highlands and includes five different builders to date. To the west, sales and residential construction in the Westlake and Lake Travis areas are strong. The farther reaching development is partially a byproduct of the pandemic as buyers seek less dense areas and more personal space.
Working from home seems to be working
COVID-19 has changed the landscape a bit in terms of where people are working because many companies have seen success with maintaining the telecommuting blueprint. The change in workspace dynamics offers an opportunity for renters as well. Tele-commuting creates more opportunities to turn renters into new home buyers. According to a recent Zillow report, this accounts for 9.5% of Austin renter households.
Between Tesla growing Austin real estate to the east, and new construction developments trying to keep up with the demand everywhere else – buying a home in the Austin area might take a minute.
Recent housing data show Austin home sales still climbing throughout the metropolitan area. It is an election year. Typically, housing sales tend to slow down the closer it gets to the actual election because people become uncertain of where the country is headed. Everything about 2020 has cast a veil of uncertainty over us. We have been learning to live with uncertainty. If the pandemic did not slow down Austin’s home sales, I don’t think the election will either. Five months ago, consumers were waiting in line just to get into a grocery store. That’s a fairly good representation of what the Austin housing market looks like.