Austin home prices have fallen more than anywhere in US

In the wake of a nationwide property market slowdown, Austin, Texas, once a beacon of the pandemic housing boom, now experiences a downturn in both home prices and apartment rents.

From boom to bust
Not too long ago, Austin was the place to be, drawing in remote workers and big-name companies like Tesla and Oracle with its promise of lower taxes and great business vibes. 

But now, the city faces serious issues like overbuilding and population growth.

After home prices in Austin grew 66% between 2019 and 2022, they have taken a nosedive more than anywhere else in the country. 

Compared to last year, rents are down 7%, more than in any other US city, according to Apartment List. Since peaking in 2022, home prices have fallen more than 11%, the biggest drop than any other metro city in the country, per the Freddie Mac House Price Index.

Despite challenges, Austin’s job growth is still chugging along, surpassing the national average.

Meanwhile, out in the suburbs, prices are holding steady. But folks are starting to look elsewhere for a deal.

Cities like San Antonio and Corpus Christi are suddenly on the radar for savvy buyers hunting for bargains.