The Austin residential real estate forecast for 2021 is tricky to predict, given its very wild and varied past performance. This, combined with the onset of the global pandemic and ensuing shutdowns. However, there are some statistics that can provide a bit of insight into the local real estate market and how it might perform over the course of 2021.
The Austin residential real estate forecast for 2021 is difficult to quantify, simply because of its past occurrences. Put another way, economists and real estate analysts alike forecasted that Austin’s residential real estate market would appreciate by 8.8% over the course of 2020. However, its actual performance annualized to just 2.73%, well below estimates.
Meanwhile, Travis County real estate did perform much better at large, experiencing a gain of 10.6% over the past twelve months. The latest forecast predicts real property in Travis County will grow by approximately 8.7% on average over the course of 2021.
For the larger metropolitan area or Austin-Round Rock Metro, residential real estate experienced a rate of appreciation of 9.1% through 2020. Experts believe that real estate in the Austin-Round Rock Metro area will increase by a more moderate rate of 6.1% during 2021.
However, the one remaining yet unknown factor is the continued absence or the reintroduction of distressed properties, which include foreclosures and short sales. If these don’t flood the market, Austin should fare very well through 2021, helping to benefit homeowners, sellers, and existing property investors.