Austin, TX
Austin housing market given ominous warning
The vertiginous fall of home prices in Austin, Texas, seems to have no end in sight, according to experts who believe that steep declines are likely to continue in the coming months.
A recent analysis by real estate intelligence platform Parcl Labs estimates that the Texas capital will see the biggest downturn in home prices in the country over the next year—even as the cost of buying a home in the city has already fallen drastically from its COVID-19 pandemic peak.
Austin’s housing market, according to Parcl Labs, is currently in “bear territory”—which means, essentially, that property values have been dropping for a consistent period of time—with home prices now over 20 percent down from their peak.
Despite this dip, researchers at the company said, “we still expect home prices to decline 16.5 percent from current levels over the next 12 months. This is the largest expected decline in our coverage universe of 40 real estate markets nationally.”
Behind Austin’s Housing Market Downfall
According to Redfin, the median sale price of a home in May—the latest month for which reliable monthly figures are available—was $557,500, down 5 percent from a year earlier. At their peak in May 2022, home sale prices in the city had reached a median of $667,000—which means that buying property in Austin was over $200,000 more expensive than it had been before the pandemic, when it was around $400,000.
In the same month, home sales in the city were down by 12.1 percent year-over-year, at 861, and those homes that went under contract spent an average of 48 days on the market, six more than in May 2024. Active listings in the Austin-Round Rock metropolitan area totaled 12,525, up from 9,902 a year earlier. Inventory was actually higher than pre-pandemic level and the highest going as far as 2016, according to data from Realtor.com.
“It’s important to understand why these adjustments are happening and what they represent for the health of the market,” Emily Girard, chief executive officer (CEO) of Unlock MLS and the Austin Board of REALTORS (ABOR), told Newsweek. “What we’re seeing in Austin is a necessary and overdue normalization after an unprecedented period of price acceleration during the pandemic. It is a return to sustainability.”
Home prices skyrocketed during the pandemic homebuying frenzy unleashed by historically low mortgage rates.
“In 2021 during the pandemic, more homes were sold in the Austin-Round Rock MSA than ever before, and sales dollar volume yielded more than a $23 billion impact on the Austin-area economy,” Girard said. “The pandemic led to increased demand as buyers in the market had more disposable income and reevaluated their needs in a living space after spending months at home.”
She added: “That, combined with record-low interest rates at the time and an Austin economy that continued to make major company relocation announcements regularly, led to more homes being sold and prices increasing to an unsustainable level.”
The price declines that the city has been experiencing for the past couple of years represent “healthy adjustments,” Girard said as the market “normalizes.”
And prices, as experts say, are continuing to fall.
According to Redfin data, Austin was one of the metros reporting the biggest year-over-year declines in median sale prices, at -4.2 percent, in the four weeks ending July 6.
Buyers on Top
The Austin housing market downturn does not mean that the city has now become undesirable for buyers—quite the opposite.
“For buyers, this is one of the most favorable environments we’ve seen in years,” Girard said. “Buyers have time to shop, compare and negotiate—luxuries that weren’t available during the pandemic boom. They’re in the market with more intention and more options, especially with increased affordability for first-time and moderate-income homebuyers.”
Sellers might have a harder time accepting that they no longer have the upper hand, and they may be forced to compromise on prices—especially as price declines are expected to continue.
“Prices will continue to drop this year. That’s because the last half of the year we always have more inventory. And if you ever look at the seasonal bell curve in Austin’s selling season, prices always come down in the last half of the year,” Austin-based realtor Jeremy Knight told Newsweek. “Yet, there are a lot of buyers on the sidelines. If we do see rates come down in the last half of the year, you’ll see more closed numbers and buyers frantic in the market.”
Unfortunately, a majority of experts expect mortgage rates to continue hovering between the 6 and 7 percent marks through this year and 2026.
AUSTIN, Texas – Central Texans gather to celebrate Juneteenth or “Freedom Day” on June 19 and commemorate the end of slavery.
What you can do:
The Greater East Austin Youth Association (GEAYA) is hosting the Central Texas Juneteenth Parade and Festival today (6/19).
It’s free and taking place at Rosewood Park in East Austin located at 2300 Rosewood Ave.
The schedule for the events is as follows:
- ACME Juneteenth FunRun – 8:30 AM – 9:30 AM
- Juneteenth Historical Parade – 10 AM – 12 PM
- Park Celebration and Fireworks – 12 PM – 9:45 PM
Other events
On June 20, the Carver Kickback: Juneteenth Edition will be taking place 11 a.m. to 4 p.m. at the George Washington Carver Museum, Cultural, and Genealogy Center located at 1165 Angelina Street.
It will be a day of celebration and remembrance and there will be BBQ plates and music as well as vendors and hands-on activations.
The backstory:
Juneteenth commemorates the end of formal slavery in Texas on June 19, 1865, two and a half years after President Abraham Lincoln signed the Emancipation Proclamation on January 1, 1863, and more than one month following the end of the American Civil War.
Colloquially known as “The Black 4th of July,” Juneteenth marks the beginning of an African American journey to carve a new place in society for free people to shape identities independent of racial caricature, eradicate slave culture, promote ethnic pride, and create economic prosperity.
The Source: Information from City of Austin and Greater East Austin Youth Association and reporting by Jessica Rivera.
Juneteenth celebrations are happening across the city this weekend. The events will mark the 161st anniversary of the day Union troops arrived in Galveston Bay to announce that more than 250,000 enslaved people in Texas were free. The announcement on June 19, 1865, came more than two years after the signing of the Emancipation Proclamation. June 19 — known as Juneteenth — became a federal holiday in 2021.
From historical bike rides to Austin’s annual parade, here are seven events taking place in Austin.
Annual Juneteenth FunRun, June 19
The city of Austin’s African American Cultural and Heritage Facility will host a fun run starting at 8:30 a.m. on Friday at East Martin Luther King Jr. Street and Leona Street, and concluding at Hargrave Street near the Millennium Youth Entertainment Complex. Participants will have one hour to complete the course. The route is the same as the parade through the African American Historical Cultural District that will start later that morning. Runners and walkers of all ages and levels can participate.
Central Texas Juneteenth Parade & Festival, June 19
The annual Juneteenth parade will take place Friday and begin at 10 a.m. at East Martin Luther King Jr. Boulevard and Leona Street and will travel down to Chicon Street before turning on Rosewood Avenue. The parade will feature floats, live music and performers.
A Very Juneteenth Comedy Jam, June 19
The Velveeta Room, Austin’s longest-running comedy club, will have shows highlighting Black voices Friday night at 8 p.m. and 10 p.m. The 18+ event will feature comedians like Freddy Do Less and Roderick McDaniel. Tickets for both shows are around $23.
Sistas Walk And Talk: Juneteenth Edition, June 20
Texas Sistas Society will host a 3-mile walk and talk Saturday at 515 S. Pleasant Valley Road starting at 7:45 a.m. Texas Sistas Society is an Austin-based community created for Black women and women of color. Attendees are encouraged to wear Juneteenth colors: red, yellow, green or black, and to RSVP ahead of time.
The Carver Kickback: Juneteenth Edition, June 20
The George Washington Carver Museum in Austin is dedicated to creating a “space where the global contributions of all Black people are celebrated.” The museum is hosting a free celebration from 11 a.m. to 4 p.m. Saturday with barbecue plates, live music, vendors and activities for all ages.
Black Auteur Film Festival, June 20
The Black Auteur Film Festival, a nonprofit dedicated to uplifting Black filmmakers in Texas, is hosting its third annual film festival to showcase short films directed by Black Texans at AFS Cinema on Saturday. One filmmaker will win the $1,000 “Best of Fest” award, and attendees can enter a raffle for a chance to win Austin Film Society memberships and movie tickets. The festival runs from 2 to 5 p.m. Tickets are $14.
Juneteenth Social Ride, June 21
Black History Bike Ride, an Austin nonprofit teaching people about the city’s Black history through cycling, is hosting its seventh annual Juneteenth ride starting at the Haskell House on Saturday at 10 a.m. Austin-based historian Harrison Eppright will serve as the ride’s guide. Registration is required for all attendees. The event is free, but donations are encouraged.
AUSTIN (KXAN) — Data analyst Corey Yeung created the ATX Running Guide to help runners find community across Central Texas. What started as a personal project has become one of Austin’s most comprehensive running resources.
Looking for a Run Club? There’s a Map for That
When Corey Yeung moved to Austin three years ago, he had a simple question:
“How many run clubs are actually out there?” The answer wasn’t easy to find. While several websites listed local groups, Yeung felt none offered a complete picture. So, he decided to build one himself. What started as a spreadsheet evolved into ATX Running Guide, a website and social media platform that helps runners discover clubs throughout the Austin area.
“The list would be more useful if it were a map and search tool,” Yeung said. “The Instagram page was simply a way to communicate those free resources to the community.”
Today, the guide covers running groups from San Marcos to Hutto and serves as a one-stop resource for runners looking to connect. In this episode of KXAN’S Plus Simple Health, Corey Yeung walks us through everything you need to know about the 200-plus running clubs in Austin.
-
Entertainment3 minutes agoBob Dylan is absolutely cooking on the road right now
-
Lifestyle8 minutes agoL.A. Affairs: Would taking a trip with this new guy finally push us out of the ‘polite’ phase?
-
Politics15 minutes agoDrug users don’t lose their gun rights, Supreme Court rules
-
Science18 minutes agoThis plant extract can make a lethal drug cocktail. Can it also treat opioid addiction?
-
Sports23 minutes agoCommentary: Why MLB’s Pride Night cap condemnation isn’t the anti-Christian crackdown conservatives claim
-
World33 minutes ago‘Not our Europe’: Macron and Sánchez slam return hubs for migrants
-
News60 minutes agoAlgae clouded Trump’s vision for the Reflecting Pool. But scientists aren’t surprised
-
New York2 hours agoVideo: The Democracy of The Dive Bar
