Austin's Housing Market is Sinking
"It's probably a better time to buy down than waiting for mortgage rates to drop, because once that happens, competition will escalate and prices will shoot up. Right now, buyers are able to take their sweet time, negotiate with sellers, and buy a home without getting into a wild bidding war."
After being the poster child for the booming American housing market during the pandemic, Austin has seen its fortunes reverse, as the incredible growth that started in 2020 has evaporated.
The Texan city has been at the epicenter of the American housing market correction after house prices reached the national peak of $348,225 in July 2022, according to Zillow. Now prices in Austin are dropping 10 times faster than the national average.