Move over Silicon Valley – Austin is the new hotspot for tech giants. Late last year, Apple announced plans for a new $1 billion campus in North Austin, which will bring loads of new jobs to an already thriving city.
The new campus will consist of 133 acres in North Austin and will initially accommodate 5,000 new employees, with the capacity to grow to 15,000 employees. If these projections come true, Apple will surpass Round Rock-based Dell Technologies as the city’s largest private employer. This Apple addition will house a variety of jobs – including engineering, R&D, operations, finance, sales, and customer support.
Apple is no stranger to Austin. They already employ more than 6,000 people at their Americas Operation Center, making Austin the largest Apple hub outside of their headquarters in Cupertino. Located on Parmer Lane in North Austin, this 1 million square foot facility was completed in June 2016.
The new campus will be located less than one mile from that center and will include 50 acres of open space. And as with all Apple locations, the entire facility will be powered by 100 percent renewable energy. Site preparation is slated to start later in 2019, and the first building is expected to open around 3 years later.
This is just one of Apple’s expansions planned for the next several years. Apple also announced new campuses in Seattle, San Diego, and Culver City, as well as expanding current facilities in several other cities. According to their projects, Apple will create 20,000 jobs in the US by 2023.
So, what does this new Apple campus mean for Austin’s Real Estate Market?
While Austin’s housing prices are still substantially lower than those in Silicon Valley, Austinites know that housing prices are also continuously on the rise. In fact, the average home purchase price in Austin has increased almost 50 percent in the past five years!
Inventory has also increased (almost 30 percent) over that same time, but experts project that there will be a definite surge of interest in Austin homes, which means that new inventory may not be able to keep up with the demand – and that means even higher home prices.
Luckily, there’s still time to purchase before that possible surge in pricing happens. According to experts, there’s likely to be very little change in the Austin real estate market until Apple breaks ground on construction for this new project. Right now there are still plenty of homes for sale under 300k.
If you want to find the perfect new home in our high-tech, highly sought after city, then let’s chat. There’s no better time to become a homeowner in Austin!