Part 4/8:
Falling Prices and Market Adjustments
By May 2024, the median home price in Austin dropped to approximately $435,000—a 23% decrease in just two years, illustrating the rapid market correction. Some neighborhoods even saw price reductions of over 30%. Homes languished on the market for an average of 70 days, a stark contrast to just 18 days in 2021. As many buyers found themselves "underwater" on mortgages, with properties valued less than their purchase prices, the allure of Austin faded.