When it comes to Austin, the one constant is the worry that you’ve already waited too long, that the market has peaked—or, conversely, that all the good ones are taken. Some buyers worry about purchasing at the top of the market, because we’ve had a nearly 10-year run of values increasing. Younger millennials flocked to urban centers that offered easy access to work, shopping, and restaurants. 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A recent survey by the National Association for Business Economics found that experts believe the U.S. economy will remain positive throughout 2020.1. Since 2015, the median home price in Austin has appreciated by 41.77% from 301,000 to $426,750. Interestingly, home values in the nation's bigger tech hubs — San Francisco, San Jose, and Los Angeles — were all predicted to fall in 2020. With really great mortgage interest rates down at 4 percent, they can afford a home at about $315,000. 2020 Outlook: Real Estate Market Forecast, We’re in the midst of the longest economic expansion in U.S. history, and economists think there’s still room to grow. That family can afford a total mortgage payment with taxes and insurance of about $2,150 per month. In a survey conducted by real estate marketplace Zillow and Pulsenomics, industry experts overwhelmingly predicted home values in the Capital City will outperform the rest of the nation this year. And home prices through the late 1980s were affordable on even the most middling state-worker salary in this still-quiet college town. There are plenty of reports online telling us how rental rates in Austin have exploded over the last several years. Austin housing market 2020 is shaping up to continue the trend of the last few years as one of the hottest markets in the nation. Our clientele have incomes that are below the median income for the Austin metropolitan area. “From 2010 to 2019, Austin home sales increased by 84 percent, and the median home price rose from $193,520 to $318,000.”. If you’re a millennial who has been priced out of urban living or is looking for more space for your growing family, a number of suburbs in our area have a lot to offer. We can help you assess your options, including new construction and up-and-coming developments. Now, will it last? 2020 Outlook: Real Estate Market Forecast We’re in the midst of the longest economic expansion in U.S. history, and economists think there’s still room to grow. In fact, the last recession wasn’t typical at all. Economists predict U.S. housing prices will continue to rise, regardless of a recession. “Even for a household with the median income for Austin, buying a home within the city limits is virtually off limits.”. Charlotte was the only city where no expert polled expected a decline in home prices this year. Due to scant inventory and strong demand from other buyers, they’ll have to bring their ‘A’ game. Note that this means half of the households in Austin. We will not share or sell your email address. That means there are fewer homes available today for those who want to buy.6, It’s possible that an increase in new construction could offer some relief. Or is it? While national real estate numbers can provide a “big picture” outlook, real estate is local. Most Austinites took as common wisdom the idea that one’s home could and should be their primary asset, not unlike a big savings or retirement account. Home buyers planning to enter the Austin real estate market in 2019 or 2020 will have their work cut out for them. "Panelists, 42 total, who thought at least one major metro would see falling home values in 2020 generally agreed that California markets would make that list.". In a survey conducted by real estate marketplace Zillow and Pulsenomics, industry experts overwhelmingly predicted home values in the Capital City will outperform the rest of the nation this year. According to Redfin, Americans are staying in their homes longer. So you may be wondering … how will an eventual recession impact the real estate market? Forty-four percent of respondents expect San Antonio home values to outperform the national average while the exact same number expect them to stay the same. If you have the ability and desire to buy a home now, don’t let a fear of recession or falling prices hold you in limbo. That’s spending 30 percent of their income on their house payment. Here’s where experts predict the housing market is headed in 2020 and beyond. Just 12 percent expect the Alamo City to see a decline in home values this year. Austin’s booming job and population growth, coupled with historically low mortgage rates, has fueled the demand for housing, signaling a slowdown is not expected anytime soon. Only twice (in 1990 and 2008) did prices decline, and in 1990 it was by less than one percent.2. Austin’s housing market has become extremely competitive, and prospective homebuyers need an advocate who understands the market and buyers’ needs.