Stone Oak Client Update | July 2023
Real Estate Market Update
While the real estate sales market continues to adjust to the interest rate changes earlier this year we still see a healthy demand for rentals in our market that continues to have a housing shortage. The population of many Texas cities continues to grow with employers moving or expanding in Central Texas, and as of 2022 the US Census Bureau stated that “Georgetown, Texas, remained the fastest-growing city by percent change in 2022.”
As mentioned in our previous update many apartment developments are coming online, but there is a certain portion of the population that prefers detached housing and are willing to pay a premium for it over stacked apartment housing. An article in April from Money magazine states that Austin saw the highest drop in rent pricing since 2020, which in our experience is certainly tied to apartments rather than detached dwellings. That will likely ...