It is no secret by now that Austin is one of the best cities to live. The unemployment rate is very low, and the median home price remains steady and affordable. The city has been included in numerous “Top 10” lists from “Best City for Buyers” to “Most Recession Proof Cities” and more. Nationwide, the economic downturn has increased foreclosure rates to all time highs. The credit crunch has made it harder to finance a new home. The unemployment rate continues to rise as well.

Through it all, Austin has been a city that has maintained not only its job market, but its real estate market as well. Not completely unaffected, houses are taking longer to sell, an average of 111 days. Total sales are down about 26% from the same time last year. These decreases, however, are not as high as comparable cities in other states and due to the local economy; Austin is expected to recover before other cities. Sellers here are making smarter choices about when to sell and what to ask for. Home value is evaluated based on location and community averages. Because Austin has so much to offer, many people are moving here for more security. With the recent changes to lending practices, buyers are also making better choices in home selection and living within their means.

Austin is expected to rebound from the nationwide crisis much earlier and much better than other cities. Local agents expect an upturn in real estate as early as next year. New developments throughout the city encourage this projection. The market may be slow now, but the future is looking brighter.