Austin’s real estate is a ‘supernova’

A national report from Urban Land Institute has named Austin as No. 5 in a ranking of the top real estate markets, joining Nashville, Tennessee; Raleigh/Durham, North Carolina; Jacksonville, Florida; and Boise, Idaho, in the “supernova” category of desirable markets. Those cities are seen as strong magnet communities drawing people and companies more quickly than the U.S. average in terms of population and job growth. The report also named Austin the No. 1 city on the list of markets with the best homebuilding prospects. Austin has ranked seventh or higher in every iteration of the report since 2010. Among the “growing pains” Austin is starting to experience, the report highlights the effect of work-from-home policies on office space real estate, the rising cost of living and a rise in migration to San Antonio, Killeen and Denver. ULI will host an Emerging Trends in Real Estate event on Dec. 6 at the J.J. Pickle Research Campus.