To coin a phrase from Mark Twain, the reported death of Austin’s property market has been greatly exaggerated.
At least, that’s the message from Mark North Jauregui, of NorthMax Realty, and other brokers in Austin, who say home values have certainly adjusted downward but are not in free fall.
Now may even be a good time to buy in Austin, they say, because sellers are cutting prices and buyers can get a bargain and make gains later from an expected market recovery.
‘I think that right now is there’s a lot of opportunity for buyers that have been waiting to scoop up a deal,’ Jauregui told DailyMail.com.
Luxury homes in the sun-soaked central Texas boomtown are not selling for as much as they did at the peak of the market in the pandemic, when buyers flocked to the low-tax Lone Star state.
Austin’s median home price peaked in May 2022 at $667,000, when the city saw an influx of people lured by relatively affordable housing and a competitive job market.
They also sought lower state income taxes, warm weather, and Austin’s relaxed and buzzy atmosphere.
The city quickly went from being a melting pot of crunchy artists and musicians to a gentrified tech industry hub, complete with high-rises, snarling traffic and skyrocketing property prices.
Brokers say it could be a good time to snap up a bargain in Austin, Texas, before the market gathers steam again
After the pandemic, inbound migration to Texas dropped, as the property bargains dried up and people got back to their pre-pandemic routines, causing the market to soften, according to data from property site Redfin.
In January, the average home was changing hands for 3 percent less than the previous year, at $515,000.
When the market was red-hot, construction firms got in on the action and started adding new homes throughout the city and into expanded suburbs.
Many of those properties are coming on to the market now, helping to keep prices lower.
There are other signs of a cooling market in Austin, with homes lingering…