Austin Real Estate Blog

Austin has fared much better than other cities during the recent real estate downturn. The median home price has been steady, and while there has been some slowdown, it has not been too drastic. While the nation is still reeling from poor lending practices that have increased foreclosure rates, Austin is currently working on several new downtown developments that include retail, restaurant, and residential space. These mixed use properties are located right in downtown Austin and are expected to encourage more people to consider the city for business development or living.

There are several factors that have kept Austin doing so well over this last year. The home prices here never skyrocketed while other comparable cities had, so when the economy started its downturn, residents here were not as affected. On top of that, the cost of living in Austin remains affordable. Most people here are able to live within their means. Many residents looking to sell a home have chosen to either refinance or just to wait until the economy picks up again. This means that fewer homes are currently on the market. This will only serve to further stabilize the local market. Right now is still a good time to buy a new home, with rates at an all time low. With lending practices returning to previous standards, it may be harder to get approval, but a stronger guarantee that the home will be affordable for the buyer.

Since Austin has maintained a decent market, both buyers and sellers here have more secure options than in other cities. The demand for downtown living space is still increasing and developments are underway to meet those needs. Austin continues to be one of the best cities to work or live.