January 17, 2020 | by Michael Wilt
Categories: Affordable Housing, First Time Buyer, Homeownership
Last week, we reflected on housing trends from the past decade. This week, we're looking ahead and breaking down what experts predict is on the horizon for housing markets in 2020.
After analyzing data from a recent survey conducted by Pulsenomics and Zillow, experts agree that Texas' metro areas will continue to be among the nation's hottest housing markets in 2020. In fact, Austin ranked at the top of the list with 83% of respondents saying it would outperform the national average when it comes to home value growth.
Eldon Rude, a principal with 360 Real Estate Analytics in Austin, was also bullish on his hometown housing market. In his remarks to the Home Builders Association of Greater Austin, Mr. Rude said, “It’s really hard to find anything negative about [Austin's] economy and demand for housing as we look forward.”
He based this on several indicators, including the permitting of 18,000 single-family homes (highest since 2006) and that Austin has yet to fall prey to the disparity between incomes and home prices that has affected other similar metro areas. Mr. Rude also remarked that the $225,000 to $325,000 price range remains in highest demand for home buyers.
Turning back to the Pulsenomics/Zillow survey, the housing markets in Texas' other major metro areas are all expected to perform well. Dallas, San Antonio, and Houston ranked among the top 14 markets predicted to outperform the national average.
Looking at the entire country, there was consensus that markets in the Southeast and Southwest will fare the best in 2020 while six markets in California plus those in Columbus, Cincinnati, Miami, and Oklahoma City will perform the worst. For a more detailed look at the Pulsenomics/Zillow survey, click here.
Down payment assistance is especially valuable in hot housing markets, because it gives home buyers more purchasing power in those high-demand areas. If you're ready to make 2020 the year you leap into homeownership, TSAHC can help. We offer down payment assistance and fixed-rate mortgages through our Home Sweet Texas Home and Homes for Texas Heroes home buying programs.
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