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Austin scores No. 1 on ‘Markets to Watch’ list as ‘Supernova’ city in 2024

Photo by Megan Bucknall on Unsplash

In their new Emerging Trends in Real Estate report for 2024, Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) rank Austin No. 1 in the country on their “U.S. Markets to Watch” list for homebuilding prospects and No. 5 overall. Join us as we dive deeper into the report’s insights, dissecting the trends shaping Austin’s property landscape, and charting a pragmatic course through the buzz and numbers of our dynamic market. 

Among 80 U.S. cities, Austin is categorized in the report as a “Magnet” city, meaning it’s an attractive migration destination for both individuals and businesses, growing more quickly than the U.S. average in terms of both population and jobs. The capital city also fell into the “Supernovas” subgroup, along with the four other fastest-growing cities featured in the report: Nashville, Raleigh/Durham, Jacksonville, and Boise. 

As for our Lone Star State neighbors, the report revealed San Antonio as Austin’s largest out-migration market (followed by Killeen and Denver) – meaning more people moving out of Austin are relocating to San Antonio than any other city on this list. Most of the people moving to Austin are, as in past years, predominantly originating from California, particularly Los Angeles and San Jose. The Dallas-Fort Worth market scored at No. 3 overall and No. 5 for homebuilding prospects, while Houston ranked at Nos. 11 and 7, respectively. 

In comparison to the other subgroups, the Supernovas appear to be suffering more notable growing pains, with reported frustration amongst “infrastructure quality and living costs, prompting concern about future growth prospects,” said the report. “Still, these are problems that city leaders and real estate professionals in most other markets would love to have: these are still some of the fastest-growing and strongest economies in the nation, and little on the horizon seems likely to change that.”

At Bell Real Estate, we’re committed to providing unparalleled services and expertise tailored to the nuances of our local market. With an understanding of these latest trends and patterns, our team is well-equipped to assist clients in navigating the evolving landscape, whether they are buying, selling, or investing in Austin’s ever-evolving real estate market.

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