Published July 11, 2023
No. 7 in U.S. Metro, Austin Booms For New Home Construction In 2023
Austin already has one of the most active real estate development markets within the last decade and holds a top 10 rank for the most built-to-rent homes. Now, the Austin metro area has now earned another top 10 spot for the seventh-highest new home construction rate in 2023, according to a recent analysis by Chamber of Commerce.
The booming housing construction is just one way Austin is trying to keep up with its remarkable population growth.
The June 2023 edition of the "Cities with the Most New Homes" analysis discovered that despite new home permits being down over 20 percent year-over-year from 2022, the state capital's housing market is still on the rise.
"Numerous factors such as limited inventory in the existing home market, high mortgage rates, and supply chain issues have created a bottleneck for new home construction," the report's authors said. "It remains to be seen whether new home construction will catch up with the current demand, but it’s clear that some cities are experiencing a building boom when it comes to new homes."
Nearly 11,000 new home construction permits have been issued for the metro area thus far, consisting of both single- and multi-family residential homes. Austin also ranks No. 7 with more than 4,800 single-family home permits issued this year, and 6,070 for multi-unit residential homes.
For reference, Houston landed in the top spot for the most single-family home permits, at 15,391. New York City ranked No. 1 with the highest multi-family home construction permits, totaling 10,155.
On average, 2,720 Austin-area home permits are being issued every month in 2023, which is also the seventh highest rate in the nation. In layman's terms, our real estate market is still hot.
The top 10 metro areas that have the highest new home construction in 2023 are:
No.1 – Houston
No. 2 – Dallas-Fort Worth
No. 3 – New York City
No. 4 – Phoenix
No. 5 – Atlanta
No. 6 – Charlotte, North Carolina
No. 7 – Austin
No. 8 – Orlando
No. 9 – Nashville
No. 10 – Los Angeles
The study analyzed data from the U.S. Census Bureau and the Department of Housing and Urban Development to determine the total number of new home construction permits issued in 2023 throughout 225 metro areas in the country.
The full report and its methodology can be found on chamberofcommerce.org.
|
Are you buying or selling a home?
When are you planning on buying a new home?
Are you pre-approved for a mortgage?
Would you like to schedule a consultation now?
When are you planning on selling your home?
or another way