11.06.2023

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Today’s Forecast

69º | Rainy | 87% chance of rain | Sunrise 7:28 a.m. | Sunset 5:42 p.m.

📈 Eyes on the rise

Austin’s housing scene remains a “Market to Watch”

The Austin skyline as seen from Lady Bird Lake, with buildings reflected in the water.

Austin’s housing scene remains a “Market to Watch.” | Photo by ATXtoday

The “Great Reset.” That’s what some professionals are calling the post-pandemic era of real estate, a time when the industry is seeing fluctuations in interest rates, construction costs, and demand.

So, what does that mean for Austin?

The Urban Land Institute, the world’s largest network of real estate + land use experts, recently released its 2024 Emerging Trends report for the US and Canada.

Austin remains a highly active real estate market, ranking No. 1 for homebuilding prospects and No. 5 in the organization’s “Markets to Watch.” Of note: It’s been 13 years since Austin ranked below No. 7.

The ULI forecasts several high-level trends for the next year in real estate. Here’s how a few could apply to ATX.

ATX_SalaryAffordMedianHome — Austinites must earn $126,000 to afford a median-priced home.
|
Graphic by ATXtoday, data sourced from Redfin.

Forecast: High interest rates and increased rental supply are temporarily affecting rental rates.
In Austin: Median rent prices have fallen 14% year-over-year, the steepest drop of any metro area in the US.

Forecast: Growth in remote work could reduce need for office space and affect housing preferences.
In Austin: ATX gained 28,000+ remote workers during the pandemic, the highest net gain in the country. Office vacancy rates in Austin are rising, currently affecting ~18% of office space Downtown.

Forecast: Record-breaking heat and ongoing climate challenges may affect insurance costs and lead to overvaluation.
In Austin: This summer was Austin’s hottest on record and driest since 1897 — its unclear how weather could affect long-term trends.

Forecast: Housing affordability remains an issue, putting on more pressure to increase housing supply.
In Austin: An Austinite must earn $126,000 to afford a median-priced home. In September, Austin reached four months of housing inventory, the highest level in eight years, but less than the five-to-six months recommended for a healthy market.

This is a broad topic, and there’s a lot more to dig into. Read the full report or explore research from the Austin Board of Realtors.

Asked

Do you own a house in Austin?

A. Yes, for several years now
B. Yes, as of recently
B. No, but I plan to buy soon
C. No, and I won’t be buying anytime soon

Let us know

Events

Monday, Nov. 6

Women of Austin and Kendra Scott Gives Back | Monday, Nov. 6 | 5:30-8 p.m. | Ao5 Gallery, 10000 Research Blvd., #118, Austin | $15 | Celebrate Austin women at this arty collab event with Kendra Scott.
Manifest Minifest | Monday, Nov. 6 | 7-10 p.m. | Ground Floor Theatre, 979 Springdale Rd., #122, Austin | Free | This annual short play festival will feature five productions, plus a panel with Simone Alexander, a prominent member of the local theater scene.

Tuesday, Nov. 7

Elizabeth Crook — “The Madstone” | Tuesday, Nov. 7 | 7 p.m. | BookPeople, 603 N. Lamar Blvd., Austin | Free | The Austin-based author will speak for the launch of her newest novel, “The Madstone.”
“The Price Is Right” Live! | Tuesday, Nov. 7 | 7:30 p.m. | H-E-B Center at Cedar Park, 2100 Ave. of the Stars, Cedar Park | $23-$60 | Come on down and spin the wheel at this live show presented by “The Price is Right.”

Wednesday, Nov. 8

Southern University vs. Texas Womens Basketball | Wednesday, Nov. 8 | 7 p.m. | The Moody Center, 2001 Robert Dedman Dr., Austin | $9-$15 | Put on your burnt orange best and head to the Moody Center to cheer on the Longhorns.
“Coco” Live-to-Film Concert | Wednesday, Nov. 8 | 7:30 p.m. | The Long Center, 701 W. Riverside Dr., Austin | $30-$130 | The beloved film’s score will be performed by the 20-member Orquesta Folclórica Nacional de México.

Events calendar here

Click here to have your event featured.

Community

How you can support ATXtoday’s 2024 vision

City Editor London’s 3 favorite Austin news stories from 2023

City Editors London and Figi with an adorable goat.

Becoming a member is a powerful way to support our local news team. | Photo by ATXtoday

It’s hard to believe it’s almost a wrap on 2023 — and what a year it’s been. We’ve been privileged enough to bring you incredible Austin news stories straight to your inbox.

Check out some of City Editor London’s favorites:

We’re asking for your support to bring you even more stories like these next year.

We’re passionate about our approach to local news. In 2024, you can depend on us for newsletters free of divisive political content. Instead, we’ll deepen your Austin roots, celebrate our city, and tell you ways to get involved with our community.

Joining our membership club is a powerful way to support our mission and keep our free newsletters hitting your inbox. Join and support us today.

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News Notes

Sports

It was a good weekend for local college football. A win over Georgia Southern made the Texas State Bobcats bowl-eligible for the first time since 2014, and the Longhorns eked out a 33-30 win in overtime to defeat Kansas State at home. (KXAN + Austin American-Statesman)

Edu

Austin ISD will launch a new enrollment system for the 2024-2025 school year this Wednesday, Nov. 8. The new tool, called Enroll Austin, will be used for online registration, transfer requests, and Pre-K applications. (Community Impact Austin)

Coming Soon

Luxury cosmetics brand Lip Lab will open a storefront on South Congress Avenue sometime in the first half of next year. The custom lip color brand will occupy ~1,400 sqft near Music Lane. (Austin Business Journal)

Closed

Colorado-founded Oskar Blues Brewery — which opened its North Burnet location in 2016 — appears to be permanently closed. The taproom closure is one of several recent brewery closures, including Circle Brewing and Thirsty Planet. (Eater Austin)

Announced

Vixen’s Wedding, the restaurant inside East Austin’s Arrive hotel, closed permanently yesterday. The four-year-old Goan restaurant will temporarily become an extension of Lefty’s Brick Bar starting today. (Eater Austin)

Finance

Billionaires wanted this painting, but 54,538 everyday investors got it first — all thanks to Masterworks, the award-winning platform for investing in blue-chip art. Investors have benefited from 16 sales with returns including 17.8%, 21.5%, and 35.0%. Interested? 6AM City readers can skip the waitlist to join. †*

† See important Masterworks disclosures.

Travel

✈️ American Airlines’ major moves

American Airlines cuts nearly half of its destinations from Austin

A crowd of people wait in line at Checkpoint 1 at the Austin airport.

American Airlines did not cite a reason behind its cuts to destinations from Austin. | Photo by Dan Herron, courtesy Austin Bergstrom International Airport

American Airlines will cut nearly half of the destinations it currently offers from Austin-Bergstrom International Airport.

The changes — which were first reported by the Austin Business Journal over the weekend — will be implemented early next year and involve discontinuing 21 of the airline’s 46 direct routes from Austin, including flights to:

Cozumel International Airport
Dulles International Airport
Memphis International Airport
Sacramento International Airport

American Airlines did not give a reason for the cuts.

Although the Fort Worth-based airline is not Austin-Bergstrom’s most frequent flier (that title goes to Southwest Airlines, which accounts for 38% of passengers served), it is the Austin airport’s second-most-used airline. More than 24% of travelers used American to fly out of Austin this year, followed by Delta at 12%.

Need a backup? Many of these destinations will still be reachable through other airlines. Check out our guide to other direct flights out of ATX.

The Buy

The Buy 11.06.23 (Affiliate + Six & Main)

Cuisinart’s 16-inch roaster and rack — because you deserve an easy-to-clean roaster this year, and this one’s big enough for a Thanksgiving turkey and has a nearly five-star rating.

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The Wrap

Today’s edition by:
London

From the editor

I had such a good time exploring the Austin Food + Wine Festival this weekend. I mean, what better way to spend a Sunday than strolling around, indulging in sips from the best local vintners and bites from the best local chefs?

Check out what we tried on our Instagram — and if you’re not following us, now’s the time.

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