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Austin, TX

Austin’s housing market tumbles as developers abandon neighborhoods

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Austin’s housing market tumbles as developers abandon neighborhoods


Home prices in the former pandemic boomtown of Austin, Texas, have slowly started to climb back in March and April, according to Redfin data, but are far from their 2022 peak, as the market is flipping in favor of buyers and the city experiences troubles with developers abandoning projects.

In April, the latest data available on Redfin, the median sale price of a home was $567,000, up 0.4 percent compared to a year earlier but down 16 percent compared to the peak of $667,000 reached in May 2022. 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.

In May 2024, according to data compiled by ResiClub using the Zillow Home Value Index, home prices in Austin were down 18.7 percent compared to the May 2022 peak.

The groundwork for apartments undergoing construction on March 19, 2024, in Austin, Texas. Austin’s home prices are still down more than 16% compared to their pandemic peak in May 2022.

Brandon Bell/Getty Images

The only other cities that experienced price drops beyond the 10 percent mark from their pandemic peak were New Orleans, Louisiana (-13.7 percent); Lake Charles, Louisiana (-11.7 percent); and Boise, Idaho (-10.4 percent).

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The U.S. housing market experienced a modest price correction between late summer 2022 and spring 2023, driven by the increasing unaffordability of buying properties in a higher mortgage rates environment.

In Austin, which saw a huge influx of residents during the pandemic driving up prices, the correction was a much more dramatic phenomenon. Prices slid down as coastal and remote workers started leaving the city after the end of the pandemic and new construction projects got on the way, increasing Austin’s inventory.

While a historic lack of supply at the national level has contributed to keeping prices from plunging and is now leading their slow comeback in Austin too, there’s no doubt that the city is not the same place it was during the pandemic years.

Software giant Oracle Corp. announced a month ago that it would be moving out of Austin and creating its “world headquarters” in the city’s archrival, Nashville, Tennessee. The company had arrived in the Texas capital only in 2020.

In recent months, Austin has seen developers abandon several construction projects, as reported by Austin realtor Jeremy Knight in a series of videos on YouTube. In a previous comment to Newsweek, Knight explained that many of these projects started in 2020-2021 as the market was beginning to skyrocket.

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“There was a lot of demand with more people moving to Austin. Unfortunately, the city of Austin has a lot of red tape and logistics to get through. Many of these projects take years to get greenlit,” he said.

“Now add the delays with workforce during the pandemic, the backlog, and developers rushing to buy in Austin, and then a turn in the market of 21 percent peak to trough. The valuations many of these developers put on these projects no longer make sense. Now add the fact that interest rates have doubled and nearly tripled since the projects started. Many of these small developers are facing headwinds.”

In a recent video, Knight said that over 57 percent of the inventory on the market is now vacant.

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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.



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Austin, TX

America 250 celebration: Texans who fought for independence honored in Austin – Texas – The Black Chronicle

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America 250 celebration: Texans who fought for independence honored in Austin – Texas – The Black Chronicle


(The Center Square) – As part of Texas’ celebration of the founding of the United States, a new monument was unveiled in Austin commemorating 69 patriots who fought for U.S. independence who later came to Texas.

Texas is also celebrating its first U.S. Navy fleet week in state history in the Houston area, where roughly 1,000 sailors and Marines are participating in nearly 200 events as part of the America 250 celebration. This also includes commemorating the Texas Navy, which helped win Texas’ independence from Mexico 190 years ago this April, The Center Square reported.

Gov. Greg Abbott and the leaders of the Texas Society Sons of the American Revolution unveiled a new monument honoring Texas revolutionary war patriots at the Texas State Cemetery in Austin.

Abbott, a direct descendent of a patriot who supported the cause of American independence, was also inducted into the Sons of the American Revolution and received the Silver Good Citizenship Medal.

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“It is appropriate to remember that today, April 18th, 251 years ago, the Battles of Lexington and Concord occurred with the shot heard around the world,” Mel Oller, president of the Texas Society of the Sons of the American Revolution, said.

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On the evening of April 18, Paul Revere rode from Boston to Charlestown warning colonists that British troops were coming. Several hundred Minute Men and colonial militia fought British soldiers the next morning in Concord and Lexington, the first battles of the American Revolutionary War.

The commemoration in Austin was important “to reflect on the courage, sacrifice and enduring principles that gave birth to the United States of America,” Oller said. “This monument stands as a tribute to those patriots and reminder to future generations of the ideas that continue to shape our Republic.”

“Texans played a role in the war too, and it’s important to recognize them, and the sacrifices they made for our freedom,” he said.

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“The history that is etched the United States into the annals of the greatest country in the history of the world,” Abbott said. As others try to rewrite American history or “try to condemn the glory of what America has been able to achieve,” Abbott said Texas was focusing on teaching children about U.S. and Texas history. “We must educate every generation about why it is that America grew from just a tenuous 13 colonies into the most powerful country in the history of the world.”

“There could hardly be a better time to dedicate this monument than during our 250th celebration of freedom, of independence,” he said. It’s “an enduring testament to the heroes who fought for that freedom that is unique to America.”

One of the greatest gifts Revolutionary War heroes gave Americans was freedom, Abbott said, “but freedom is not a one-time event. The fight didn’t end with the Treaty of Paris. It’s an everyday process, perpetually. Just as the patriots took to the hillsides to battle the Red Coats, modern day Patriots” continue to fight for freedom, including the failed policies of Marxism, he said. Many Texans’ ancestors “died for a country they would never get to see. Stories of these heroes must be told. Generations of Americans must be reminded of who they are and what they fought for.”

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There are 69 American Revolutionary War heroes listed alphabetically on the monument who later settled in Texas, including native Tejanos who fought for American independence, according to TSSAR.

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Listed first is John Abston, who enlisted in the militia in Virginia when he was 18. He fought alongside and under men like John Crockett, father of Davy Crockett, in one of the most pivotal battles of the war: the Battle of Kings Mountain, in South Carolina. He later moved to Collin County, Texas.

Another is José Santiago Seguín, the grandfather of Texas Revolutionary hero Juan Seguín, the first and only Tejano to be elected to the Republic of Texas Senate. He also fought with Sam Houston in the Battle of San Jacinto.

Another is Peter Sides, who fought with a North Carolina regiment against the British. He later joined the Gutierrez-Magee expedition in 1812 and was killed in 1813 at the Battle of Medina in what is now Bexar County. The battle is “known as the bloodiest battle on Texas soil. The rebels’ bodies were desecrated and their body parts were removed and scattered,” the TSSAR explains.

Another is William Sparks, who joined a North Carolina militia when he was 17. He and his family later moved to Nacagdoches, Texas; his sons and grandsons fought for Texas independence.

Listed at the bottom of the monument is Ira Hobart Evans, a Congressional Medal of Honor recipient and the youngest Speaker of the Texas House who founded the Texas Society of the Sons of American Revolution.

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Austin, TX

How Texas’ road, bridge conditions compare to other states

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How Texas’ road, bridge conditions compare to other states


AUSTIN (KXAN) — Texas’ highway system dropped two spots since 2025, and now ranks at No. 27 in the country for its cost-effectiveness and overall conditions, according to the Reason Foundation’s 2026 Highway Report.

The report assessed pavement conditions, fatalities, deficient bridges, infrastructure costs and congestion levels across the United States. Texas earned the following rankings:

  • 33rd in urban interstate pavement conditions
  • 21st in rural interstate pavement conditions
  • 39th in urban arterial pavement conditions
  • 12th in rural arterial pavement conditions
  • 3rd in structurally deficient bridges
  • 26th in urban fatality rate
  • 42nd in rural fatality rate
  • 41st in traffic congestion

“More than 42,000 of the nation’s 618,923 highway bridges, nearly 7%, are still structurally deficient. Arizona, Nevada, and Texas reported the lowest percentages of deficient bridges,” the report said.

The full report can be found online.

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Austin, TX

Storms dump small hail throughout Austin area Saturday

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Storms dump small hail throughout Austin area Saturday


AUSTIN (KXAN) — Small hail peppered the Austin area as strong thunderstorms moved through Saturday.

A few of the storms dropped rain and up to pea-sized hail in San Marcos, Dripping Springs and the Austin metro area.

A Severe Thunderstorm Warning was issued for Williamson County around 8:15 p.m., and then canceled shortly after. However, it was enough for the Two Step Inn music festival in Georgetown to cancel shows for the rest of the evening. Event organizers say the festival will run as planned Sunday.

KXAN’s First Warning Weather team is monitoring the storms. We will update this post as the evening continues.

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