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Austin snags No. 8 spot for best U.S. markets, Texas cities dominate top 10

If you’re in the market for a new home in the heart of Texas, we’ve got some exciting news for you. Austin has once again proven its mettle as a prime destination for real estate, securing the No. 8 spot in this year’s highly anticipated report from WalletHub on the best real estate markets in the United States. 

In the wake of a wild season immediately following the pandemic, Austin’s market has shown resilience and adaptability in 2023 as it’s slowed to a more level pace. Despite national trends of rising interest rates and inflation, the latest WalletHub report affirms Austin’s enduring national appeal, ranking it as the No. 8 best real estate market in the country. What’s even more impressive is that Austin is in good company, with several other Texas cities securing spots in the top 10 list.

Over the years, Texas housing markets have consistently demonstrated resilience, outshining more temperamental markets. While Austin has lost its place in the top 5 of WalletHub’s ranking, it’s remained a highly desirable market for investors and new residents alike. 

For those considering homeownership in Austin, the latest data from the Austin Board of Realtors paints an encouraging picture. Median home prices have seen a 7 percent year-over-year decrease, bringing the median price down to $460,000. This drop in prices is a positive sign for prospective buyers. 

Moreover, homes are spending an average of 59 days on the market, indicating that buyers have the luxury of exploring their options and waiting for that perfect home at the right price.

Kelly Snider, an urban regional planning professor at San Jose State University, suggests that the current market dynamics favor buyers. “Now is a good time to buy because sellers are willing to negotiate on price and terms,” said Snider in the report. 

“Although many people pay attention to interest rates, I would advise buyers to pay more attention to job growth rates and unemployment rates within their metro area. In most parts of the country, small and mid-size employers are hiring and growing, which means the local economies are strong and local markets are stable.”

The top 10 best U.S. real estate markets according to WalletHub’s 2023 report, determined by an analysis of 300 U.S. cities across 17 key metrics, including median home price appreciation, housing affordability, job and population growth are:

1. McKinney, Texas

2. Frisco, Texas

3. Nashville, Tennessee

4. Denton, Texas

5. Cary, North Carolina

6. Allen, Texas

7. Durham, North Carolina

8. Austin, Texas

9. Port St. Lucie, Florida

10. Gilbert, Arizona

For a comprehensive look at the WalletHub report and its methodology, find the full report here

With favorable market conditions and a bright future ahead, it’s an excellent time to explore your options in Austin. Give us a call today to begin the search for your dream home! 

Disclaimer: The information provided in this blog post is based on the WalletHub report as of its publication date in 2023. Real estate market conditions may change, and it’s advisable to consult with real estate professionals for the latest updates and personalized advice.

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