After a recent boom in construction and a following explosion in inventory, Austin, Texas, is now the strongest buyer’s market in the entire country, according to a new report by Redfin.
Nationwide, there are now 37 percent more sellers than buyers—a near-record gap. But in Austin, there were an estimated 130 percent more sellers than buyers in September, Redfin found—the biggest imbalance in America—up from 81 percent a year earlier.
“Now that there are more homes for sale than buyers in the market, buyers have the upperhand,” Daryl Fairweather, Redfin chief economist, told Newsweek. “They’re negotiating on price, securing concessions and seeing real gains in affordability.”
How Austin Went From Boom To Bust
The Texas capital is one of the few markets in the country where home prices are now below their pandemic peaks, after the city experienced a steep correction starting from the fall of 2022. According to Redfin data, the median sale price of a home in the city was $508,000 in September, down 9.29 percent year-over-year and much below the pandemic peak of $665,000 reached in May 2022…