Real Estate News
Austin housing market report for August shows surge in available homes, reduction in prices
A Realty Austin housing market report for August indicates that buyers have more options and negotiating power as the fall season begins.
International homebuyers boost central Texas economy with $618 million contribution
International homebuyers have made a significant impact on the Central Texas economy, contributing $618 million from April 2023 to March 2024. This data comes from the 2024 Central Texas International Homebuyers Report released by Unlock MLS. The report highlights that foreign buyers accounted for 3% of all residential sales dollar volume in the Austin-Round Rock-San Marcos metropolitan statistical area (MSA). Closed sales increased by 2% year-over-year, reaching 1,020 sales, and the median closing price rose by 0.8% to $577,778.
Latest News
Central Texas sees rise in active listings but dip in median home prices
By Austin Journal | Sep 12, 2024
In August, active home listings in the Austin-Round Rock-San Marcos MSA housing market increased by 15.4%, while the median home price dropped by 4.4% to $439,990, according to Unlock MLS' August 2024 Central Texas Housing Report. These changes suggest more opportunities for buyers, although further decreases in home prices are necessary to significantly impact sales growth across the region.
Women reach record high employment rates in construction industry
By Austin Journal | Sep 10, 2024
In 2023, the number of women employed in the construction industry increased to approximately 1.3 million, representing 10.8% of the construction workforce. This marks a rise from 9.3% in 2002. As the industry continues to face a shortage of skilled labor, incorporating more women into the workforce is seen as a significant opportunity for future growth.
Hill International opens new office in Austin amid expansion efforts
By Austin Journal | Sep 10, 2024
Hill International has announced the grand opening of its new office in Austin, Texas. This expansion marks a significant step forward for the company, which has been a global leader in program, project, and construction management for nearly 50 years.
The Modern Austin Residences mark topping out milestone
By Austin Journal | Aug 8, 2024
Construction company Flintco announced that the concrete structure of the Modern Austin Residences in the Rainey Street district has been completed. To commemorate this milestone, Flintco held a topping-out ceremony, which included team members from the company, Urbanspace, Page Architects, and trade partners signing the final steel beam.
Austin's Lamar Business Park marked for redevelopment
By Austin Journal | Jan 17, 2024
A central Austin business park is set for redevelopment, a move that could transform the area with the construction of over 1,000 new apartments. The proprietors of Lamar Business Park, a 14-acre shopping and business center situated on the fringe of the North Loop neighborhood, have recently submitted a rezoning application to the city of Austin.
Towers Realty provides glimpse of latest Centro building
By Austin Journal | Jan 16, 2024
The Centro project, located at 1401 East 6th Street and developed by local investment firm Riverside Resources, is preparing to launch its second phase. Towers Realty has provided a preliminary overview of the forthcoming plans for this East Austin project, which will include both apartments and retail space.
Bouldin Creek Neighborhood representatives meet to discuss Oak Creek Village development
By Austin Journal | Dec 18, 2023
The Bouldin Creek Neighborhood Association Zoning Committee met on Dec. 11 to discuss the Oak Creek Village development. As part of the proposed Phase 2 development at Oak Creek Village, the property owner is requesting to remove some restrictions on the height of the buildings and the amount of units that can be developed.
Austin City Council approves progress for Colony Park Sustainable Community
By Austin Journal | Dec 15, 2023
The City of Austin has confirmed the approval of crucial advancements for the development of the Colony Park Sustainable Community by the Austin City Council. The next phase of the process includes plans to return to the city council early next year to finalize the financing package and related matters.
Austin seeks PRO to House Grant
By Austin Journal | Oct 26, 2023
The City of Austin is seeking up to $10 million in federal funding through the Pathways to Removing Obstacles (PRO) to Housing Grant. The funding, which is administered by the U.S. Department of Housing and Urban Development (HUD), aims to address barriers and boost affordable housing production and preservation.
Over 200 units of affordable housing to be added to Seabrook Square in East Austin
By Austin Journal | Oct 26, 2023
The City of Austin Housing Department has secured $74.5 million in construction financing for the development of affordable housing in East Austin. Teaming up with the NHP Foundation, Capital A Housing, and the Austin Housing Finance Corporation, the project, known as Seabrook Square I, will consist of a 204-unit multi-family development located at 2210 Pershing Drive, formerly known as 3511 & 3515 Manor Road. The construction for Phase I is set to begin in October 2023, with Phase II scheduled to start in 2024. Both phases are expected to be completed in 2026, according to a...
Austin Board of Realtors releases housing affordability report: ‘Our community must come together to address these decades-long challenges’
By Austin Journal | Oct 10, 2023
The Austin Board of Realtors recently released a report titled "The Truth About Austin's Missing Housing," which revealed a severe undersupply of housing in Austin. The study examined the affordability of two-person and four-person homes in Austin and found that there was a significant shortage of homes in both categories.
Austin finishes 7th in ranking of best places for renters to raise a family
By Austin Journal Reports | Aug 10, 2023
Austin ranked in the top 10 of the nearly 140 U.S. cities analyzed for their appeal to renters with children, according to a new study by the apartment-search website RentCafe.com.
Revised Wilson Tower plans 'more appropriate to provide an activated ground floor while remaining feasible in today’s environment'
By John Suayan | Apr 26, 2023
A proposed skyscraper in Downtown Austin that developers initially touted will earn the distinction as the tallest in the state upon completion is now slated to rise with lesser stories, Austin-based media outlets reported.
Huffines Liberty Foundation: ‘Florida serves as one example of how the Texas Legislature could reduce property taxes’
By Austin Journal Report | Nov 17, 2022
A recent research paper written by the Huffines Liberty Foundation analyzed the difference in property tax rates between Texas and comparable states, such as Florida. Don Huffines and Bill Peacock wrote that several websites say the property tax rate on owner-occupied homes is the sixth highest.
Wilson Capital founder: 'We are passionate about making a meaningful contribution to the city we call home'
By John Suayan | Nov 15, 2022
Local real estate development firm Wilson Capital revealed its plans on Monday to build what it asserts will be the tallest building in Austin and the state, per a report from Austin ABC affiliate KVUE.
Architecture firm proposes Congress Avenue residential tower: 'Having a structure that is new while including the old is special'
By John Suayan | Nov 4, 2022
If it receives the blessing of the Historic Landmark Commission (HLC), Austin-based architecture firm Clayton Korte will proceed with its plans to build new residential units and retail space on one of the state capital’s busiest thoroughfares, according to Austin ABC affiliate KVUE.
Meta on reducing office footprint in Austin: 'We are currently evaluating our real estate portfolio globally'
By John Suayan | Nov 4, 2022
The parent company of the world’s largest and most popular social media network said on Thursday that it won’t go forward with taking up residency in Austin’s newest skyscraper that’s currently under construction, Austin-based media outlets reported.
Abbott as Williamson County residents shoulder high tax rates: We will use '$27 billion surplus' to deliver 'largest property tax cut in Texas history'
By Andy Nghiem | Oct 21, 2022
High property tax rates have become an important issue in the State of Texas, particularly with the midterm election coming up on Nov. 8. Both candidates for governor, incumbent Gov. Greg Abbott and challenger Beto O'Rourke have promised action on this issue to lower the financial burden to Texas homeowners. In 12 of Texas' most populated counties, the median effective property tax rate is higher than the statewide figure.