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Home prices in Austin, Texas, are down after an expensive few years — see homes you can buy for under $400,000

Home prices in Austin, Texas, are down after an expensive few years see homes you can buy for under $400,000

Jordan Pandy

2504 Biggs Drive, a 1,094-square-foot home for sale in Austin, Texas.Courtesy of Kent Redding/Berkshire Hathaway Texas Realty

Home prices in Austin, Texas, are coming down after a pandemic hot streak, according to Realtor.com.
The median list home price in August was $568,237, down 2% from the year prior.

Home prices in the pandemic boomtown of Austin, Texas, are starting to come back down to earth.

The city's population grew by 94,764 between 2020 and 2022, according to the Austin Chamber of Commerce, as remote-work orders and an appetite for lower-density living drove many to the Lone Star State capital.

The demand for housing from the sudden influx of residents drove up home prices. In May 2019, the median list price for a home in Austin was $371,056, according to Realtor.com. By May 2022, it had ballooned to $629,542, a 70% increase.

"In the beginning of the pandemic, people moving into Austin were paying so much above the asking price that home values rose really fast," Redfin Senior Economist Sheharyar Bokhari told Insider in August.

Prices have yet to return to those pre-pandemic numbers, but Realtor.com reports the housing market in Austin is starting to cool down: It found the median listing home price in August 2023 fell to $568,237. That's a 2% decrease year-over-year, which may not sound like much, but is enough to rank Austin as the No. 4 city where home prices fell the most in the country.

These six Austin-area homes for sale are listed between $325,000 and $400,000. Each vary in size, style, and location, but give a good idea of what you can afford below the national median home price of $416,100. The information about each listing's time on market is sourced from Zillow.