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The area ranked second in the Wall Street Journal and Realtor.com’s new WSJ / Realtor.com Emerging Housing Markets Index.
AUSTIN, Texas – The Austin-Round Rock area is the No. 2 emerging market in the US according to The Wall Street Journal and Realtor.com’s new real estate index.
The new WSJ / Realtor.com Emerging Housing Market Index analyzes a combination of housing market data, economic vitality and lifestyle metrics to assess emerging housing markets that “offer quality of life and are expected to experience future home appreciation” , according to a press release.
Austin-Round Rock comes in at number 2 in the index. The country’s # 1 emerging market is Coeur d’Alene, Idaho. No other Texas market made it into the top 20 of the index.
According to the press release, home prices in the top 20 markets rose an average of 21% last year, compared to an average of 14% in all markets. The top emerging markets also have a lower average unemployment rate and median wages are slightly above average.
For Austinites, this probably won’t come as a surprise, but the top emerging markets in the index are also the most viewed on Realtor.com by people outside of the area. On average, 61.1% of home shopping traffic in the markets comes from viewers outside of their metropolitan areas.
“Our list of emerging housing markets is another example of how diverse housing markets are being shaped by people using the flexibility of remote working to move to less urban areas,” said Danielle Hale, chief economist at Realtor.com. “With the above-average local economy and many small businesses, these areas offer the locals a high quality of life that attracts new residents.”
Hale also noted that as companies start reopening offices, how these markets evolve could depend on the extent to which flexibility in the workplace becomes more prevalent.
Read the full report and methodology.
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