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Home values in Austin have declined 15.3% – or by $85,000 – on average since April 2022, according to Redfin.
Texas' capital city — and San Antonio's frequent just-up-the-highway rival — logged one of the nation's most drastic drops in home value over the past year, according to a report published last week.
On average, Austin homeowners experienced a 15.3% decline in the value of their homes between April 2022 and April of this year, equating to an average $85,000 loss, the report by online real-estate market RedFin shows. That's the second-worst drop in the nation.
In other words, your investment is likely underwater if you bought a home in Austin over the past 12 months.
The decline in Austin home values outpaced national trends. Nationwide, home values slid by $18,000 on average since April 2022, according to the RedFin report. Other than Austin, other pandemic boomtowns, including Boise and Salt Lake City, and pricey coastal hubs such as the San Francisco Bay, also reported significant drops in home value.
According to RedFin, the recent drop in U.S. median home sale prices is the steepest since January 2012.
Although Austin is among the biggest losers in real estate market value, the rest of Texas appears to be faring better. Home values in San Antonio dropped 0.311% during that same period, while those in Dallas declined by 3.43% and those in Houston by 2.38%.
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