Tech heats up the already hot Austin housing market
In today’s HousingWire Daily episode, the HousingWire Digital Team focuses on one of the hottest housing markets in the country: Austin, Texas. The episode takes a look at who is moving into the city and why, and discusses a recent HW+ article that delves into what contributing factors could be making this red-hot market a magnet for tech companies.
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For some background on the story, here’s a summary of the article:
Austin, Texas, dubbed “Silicon Hills,” is already home to tech companies like IBM, Dell, Google, Facebook and Apple. Texas Gov. Greg Abbott said tech companies were flocking to Texas in “an absolute tidal wave.”
On Friday, technology company Oracle announced in a filing with the Securities and Exchange Commission that it would be relocating its headquarters to Austin, where it already has a sizable campus. The filing said that the company believes “these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work….this means that many of our employees can choose their office location as well as continue to work from home part time or all of the time.”
The number of tech and tech-adjacent companies moving to Austin just keeps growing. Over the summer, car manufacturer Tesla announced plans to open a $1.1 billion factory in Austin, claiming it could hire 5,000 people over time. And just last week, Tesla CEO Elon Musk confirmed to The Wall Street Journal that he had relocated to Texas, too.
Austin is ranked the No. 4 metro by net inflow of users and their top origins by Redfin – meaning 39.5% of Redfin users who search for homes in Austin are from outside the metro area. The top out-of-state origin location is San Francisco.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
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