austin real estate "austin texas" - craigslist (2024)

FAQs

Are home prices dropping in Austin, TX? ›

But in Austin, according to the Freddie Mac House Price Index, prices have fallen more than 11% since peaking in 2022, the biggest drop of any metro area in the country.

The real estate market in Austin, Texas has become more favorable to buyers recently due to a dip in prices and the availability of homes. It is an excellent time for prospective homeowners to take advantage of these conditions and purchase a property now while things are still advantageous.

Austin, TX housing market

The median listing home price in Austin, TX was $650K in May 2024, trending down -4.3% year-over-year. The median listing home price per square foot was $378. The median home sold price was $490K.

Analysis from RocketHomes suggests a 21.3% increase in homes for sale in February 2024 compared to the previous month. This inventory change may impact median sales prices and market balance. Austin's real estate has been influenced by various factors, including a cooling off from previous highs.

As recorded in the third quarter of 2023, Austin's living cost index is at 97.8—indicating it falls below the nationwide mean.

Austin, once one of the hottest markets in the U.S.—and one of the most overvalued—experienced the biggest drop of any metropolitan area in the country following the pandemic.

Indeed, Austin represents a promising investment destination for real estate investors, thanks to its robust job market across various sectors, including the burgeoning tech industry, a steady influx of new residents contributing to population growth, heightened demand for rental properties, and notable opportunities ...

How much income do you need to buy a starter home in Austin? The median sale price of a starter home in Austin is $330,000. In order to afford this, first-time homebuyers in Austin should make $118,201 per year, up 0.7% from 2023.

The cost of living is pretty similar between Dallas and Austin in all areas except housing costs, which are substantially higher in Austin. This means the overall cost of living in Austin is around 28% higher than in Dallas, but median income levels close this gap.

A family would need around $180,000 or more. As for the capital city of Austin, it ranked as the 65th most expensive city of the 99 analyzed. Individuals need roughly $100,000 to live comfortably on their own, and families of four need about $224,000.

Is Austin real estate market softening? ›

The Texas capital, where the average home price soared by $170,000 during the COVID pandemic, is now seeing major price corrections: The median price per square foot is down 9.5% from its pandemic peak two years ago, according to Realtor.com. As of April, the median list price stood at $557,000.

Record high home prices and rents brought on by the Austin region's explosive growth during the pandemic — and pressure from Texas lawmakers to address the city's housing affordability crisis — fueled a sense of urgency among local policymakers to enact reforms and accelerated a political realignment around housing.

The National Association of Realtors found that home prices dropped in 15 of 221 markets across the United States in the first quarter of 2024 compared to the same period last year, including two in the Lone Star State: Austin-Round Rock (-0.3%) and San Antonio-New Braunfels (-4.6%).

The data also show Austin as the 26th most populous metro area in the country as it added more than 50,000 residents between 2022 and 2023, growing at a rate of 2.1%. The central Texas trident of communities also saw the seventh-largest numeric increase in population between 2022 and 2023.