This year figures to be one to remember in the Austin-area housing market.
That’s the prediction of local housing district expert Eldon Rude, who recently gave his forecast to about 750 industry experts at the Home Builders Association of Greater Austin on the University of Texas campus.
“I don’t see anything getting in the way of another robust year for our economy,” said Rude, principal of Austin-based 360° Real Estate Analytics. “It’s going to be a huge year.”
Rude, who was giving his speech for the 18th straight year, said this one at least partly stands out because builders have already started construction on about 18,200 homes from last year, or triple the number from years past. He later predicted that number could swell to over 19,000 in 2020.
“What a year it was last year,” Rude said. “What a decade it has been since this (upturn) began.”
Since 2010, Rude estimates the Austin region has added an average of 35,000 jobs annually and its population has skyrocketed by about 500,000, to 2.2 million.
“If job growth remains at levels we have seen in recent years, I don’t see anything on the horizon that will slow the robust demand we have seen for housing in the region in recent years,” Rude said.
Rude said the greatest demand for homes across the state last year came for those in the price range of $225,000 to $325,000. In an effort to keep pace, builders have continued to look to suburban areas outside of Austin’s pricier core.
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