6 Austin & San Antonio Housing Market Predictions 2024

Share this article
6 Austin & San Antonio Housing Market Predictions 2024

In this article, we investigate the future, supplying Texas housing market insights and predictions for 2024. We’ll first examine Texas as a whole and then we’ll delve into the central Texas housing market and discuss specifically San Antonio and Austin. By aggregating information from various authoritative and expert sources, this article aims to offer data-backed Texas housing market predictions for 2024 and is intended for home buyers, home sellers, and investors who are interested in understanding the dynamics of real estate in Texas next year. Increasing your knowledge about housing trends will help readers make well-informed decisions about buying, selling, and investing in central Texas.

What’s in it for you

  1. Summary of today’s housing market in Texas.
  2. Outlook for real estate in San Antonio next year.
  3. Predictions for the Austin housing market in 2024.

How Did The Texas Housing Market Do In 2023?

Over the last 2 to 3 years, the population in Texas has boomed. Further, over the same period, the economy in Texas has been on fire. As 1 of the fastest growing and economically robust areas in the United States, it’s crucial that we first explore the trends, factors, and facts for all of Texas so that we can better understand how Texas’ statewide growth has fueled the housing markets within Austin and San Antonio.

Population growth in Texas

Population growth is a key indicator of how the Texas housing market is doing. And Texas’ population growth has been a key contributor to its housing demand. According to the U.S. Census Bureau, between 2021 and 2022 the population in Texas grew by 470,708 people, the largest increase of any state in the nation. Since then, Texas has added an estimated 500,000 more residents making it just the second state in the country with a population greater than 30 million (California is the other).

Diagram

Description automatically generated with medium confidence

Texas housing inventory

For years, housing inventory in Texas has been best described as lots of people looking for homes and not many homes on the market. Other words, there’s been a mismatch between the demand and the supply for housing. Texas has not built enough homes to keep pace with its growth and inward migration which has been further exacerbated by hybrid work from home programs. This has caused a housing supply shortage which has subsequently put upward pressure on home prices. Compounding the problem is that Texas has experienced historical difficulties with labor and material shortages. As of late, however, signs of increasing inventory have appeared and have begun to put downward pressure on home prices.

Economic indicators in Texas

When evaluating the Texas housing market there are many factors to consider like a home’s location, its school district, proximity to and the number of jobs within the nearby vicinity, and state-wide economic policies. Since the COVID-19 pandemic, the Lone Star State has offered massive incentives to big business which have been paired with some of the least restrictive COVID-19 restrictions in the country. As a result, job and economic growth in Texas outpaces the national average in nearly all sectors.

Chart, bar chart

Description automatically generated

Further, the value of goods exported from Texas ranks number 1 nationally and represents 23.5% of all goods exported from the U.S (Burns Regional Analysis and Forecast). In short, Texas’ job market and economy is one of the strongest in the country, however, there are signs of slowing as corporate relocations to Texas have declined from 80 in 2021 to just 11 in 2023 (Burns Regional Analysis and Forecast).