Austin Housing Market Cools Rapidly as Pandemic Boom Goes Bust
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Austin was the poster child for the booming housing market during the pandemic, but prices have now dropped 10 times faster than the national average.
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People flocked to affordable Austin from expensive cities during the pandemic, driving up demand and prices. Prices jumped over 75% from pre-pandemic levels.
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The housing bubble burst as interest rates rose and remote work declined. Home prices fell 10.2% in Austin from July 2022 to April 2023.
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For the first time, more people are looking to leave Austin than move there as costs have soared. Locals are struggling with affordability.
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Though the correction is likely over, Austin remains expensive compared to pre-pandemic. The city needs more affordable housing to support future growth.