The frenzied homebuying days in Austin, Texas, that saw some buyers offer six figures over asking price are gone.
For many newcomers, the quickly expanding Texas tech hub — now home to giants like Google, Tesla, Amazon, and Apple — was a cost-effective move, especially givenAccording to population estimates from the US Census Bureau, the Austin metro population added nearly 140,000 new residents from 2020 to 2022. Between July 2022 and July 2023, Austin’s metro area added just over 50,000 residents.
“There was a big shift to move to Texas from more expensive cities due to work-from-home, but now people realize they may not need as much space after all. Back then, people were at home 90% of the time, and so they wanted those big houses and big backyards in Texas,” said Douglass. “So we’re seeing not this mass exodus, but a leveling out of the population growth.”, housing inventory surpassed pre-pandemic levels by nearly 30% in April.
“Right now, I have a buyer that’s running an offer against three others on a million-dollar property,” Knight told Yahoo Finance. That’s not the case today. The days of buyers waiving appraisals and rushing to bid over-ask are fading in the rearview mirror.
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