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How Austin Is Navigating the Post-Pandemic Housing Hangover Home prices are once again falling in the pandemic-era boomtown of Austin, as the Texas city continues experiencing one of the most dramatic corrections in the country. The median sale price of a home in Austin was $560,000 in May, down 4.6 percent from a year earlier and from $575,000 in April, according to Redfin data. In May 2022, when home prices reached their peak in the city, a typical home in Austin would cost buyers an average of $667,050—more than $100,000 more. Despite facing lower prices, buyers in the city are staying put. Home sales in Austin declined by a staggering 12.9 percent year-over-year in May. A total of 853 properties went under contract that month as mortgage rates still hovered around the 7 percent mark and economic uncertainty grew across the country. Not only were fewer homes in the Texas capital sold that month, but those that managed to find buyers waited an average of 48 days on the market before the deal was closed, 6 days more than in May 2024. Nearly 40 percent of homes sold (37.1 percent) had price drops. By comparison, home prices continued to rise at the national level last month (up 1 percent year-over-year), while home sales decreased by a more modest 5.9 percent compared to the
President Trump Delivers Address to the Nation, June 21, 2025 |
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