Monday, November 20, 2017 / by Meagan Henry
Young Professionals Attracted To Georgetown TX Homes For Sale
As everyone knows, over the last several years Austin has been a central focus of the national media. And for good reason! It’s the Live Music Capital of the World. It’s got the Alamo Drafthouse to watch movies at. It’s got 1.5 million bats coming out from under a bridge each night! The economy in Central Texas withstood the recession starting in 2008 better than most and the tech sector, among others, has been vibrant and growing throughout this time. Combine this with a welcoming, friendly, relaxed culture and great weather vibrant arts can culture scene and its no wonder Austin has received so much attention. (And lets not forget Franklin BBQ, if you can handle the lines!) In short, Austin’s great reputation and the accolades and attention are well deserved.
But as Austinites and the local media are beginning to take note of, real estate and the cost of living in Austin is starting to rise in response to the increased popularity and the surging desire to live there. And while Austin certainly isn’t San Francisco or New York City (yet), it’s clear that prices are rising.
In this environment, a lot of people—especially young professionals--are beginning to look at the beautiful and affordable homes for sale in Georgetown TX.
The Cost of Living Is Rising in Austin
Recently, the Austin Business Journal had an article titled ‘As Austin home sales drop, prices keep creeping upward.’
The article notes that sales in July dropped 3 percent compared with July 2013, the first time there’s been a slow down since May 2011. (Zillow noted that median and average prices for homes increased 9 percent—although I’ve talked before about my issues with Zillow’s price estimates.)
Price increases seem to be the driving factor in the slowdown. Austin Board of Realty (ABOR) President Bill Evans is quoted in the article as saying that
“There’s no denying that the Austin area housing market has been impacted by issues in inventory and affordability,” Evans said. “With such high demand, the Austin area housing market cannot grow without an increasing, continually replenished housing stock, but that housing stock must also be affordable and attainable for Austin homebuyers.”
And a recent Star-Telegram article has the following to add about Austin’s popularity and rising costs:
“Austin is on a winning streak, amid twin booms in economic and population growth. But the city’s success has also made its cost of living higher — so much so that longtime residents and recent transplants alike are being forced out…. Median family income in the Austin area increased 13.5 percent from 2003 to 2012, while median home prices increased 31.3 percent and average rents increased 43 percent, according to the Texas A&M Real Estate Center.
Austin is deservedly one of the most attractive metropolitan areas in the United States. But it’s clear that rising housing prices and an increased cost of living is also making Austin a more difficult choice for many homebuyers.
Georgetown Is Becoming An Increasingly Popular Destination for Young Professionals
The rising cost of Austin has led a lot of prospective homebuyers—especially young ones—to look at the possibility of surrounding communities. In my experience, the beautiful and diverse range of homes for sale in Georgetown TX continue to rise to the top of the list.
Why? Georgetown ISN’T a suburb of Austin, but it is VERY CLOSE to Austin--which is an especially appealing combination. Georgetown was established as its own city in the 19th century, back when a distance of 30 miles between cities made trips relatively rare. So Georgetown isn’t a ‘bedroom community’ or bland ‘commuter development’ established recently. It has an identity and sense of community—which is reflected in the city’s beautiful town square and the beautiful Victorian homes for sale in Georgetown. Today, Georgetown is about a 25-minute trip north of Austin on I-35. Many Georgetown residents work in Austin. And obviously, many Georgetown residents go down to Austin to catch a show or have a meal. But these same residents will also take an evening and stay in Georgetown to catch a great, professional production of Guys and Dolls at the Palace Theatre and have a nice meal out at El Monumento.
So I think when young professionals are attracted to Austin, it makes sense that they’re likewise attracted to Georgetown and that it begins to stand out when they compare it to the other communities around Austin. Austin is, at its best, offering a distinct sense of place and a sense of a community, however broadly defined. It’s offering vibrancy and an outdoor lifestyle. Georgetown allows residents to have that sense of unique place and community with a great outdoor lifestyle (see Lake Georgetown) while also having ready and easy access to everything Austin has to offer, as well. And of course, the cost of real estate and the cost of living overall is lower.