CultureMap Austin writes, "when it comes to places to buy a house, Austin still remains near the top of the list. So says WalletHub's highly anticipated 2023 report on the best real estate markets in the U.S.
The new study by the personal finance website, released August 22, names Austin the No. 8 most attractive real estate market in the country. The state capital joins a host of other Texas cities within the top 10.
Texas housing markets have dominated WalletHub's report throughout the years, showing resilience as other markets rise and fall. Austin and its Central Texas neighbors have been at the top in similar reports, but the city has slid in WalletHub's 2023 report after ranking No. 4 in the 2022 edition and No. 2 in 2021.
With a great housing market come new businesses. It's no wonder that hot new restaurants, coffee shops, and other attractions are opening in the Austin area or choosing the city for new locations.
Data from the latest Austin Board of Realtor's real estate report shows median home prices in Austin have fallen 10 percent year-over-year to $462,000. Homes are spending an average of 59 days on the market, another indicator that buyers are willing to hold out for that perfect home for the right price.
Potential owners should attempt to buy their home soon while sellers are more willing to negotiate on housing prices in the wake of higher interest rates, according to Kelly Snider, an urban regional planning professor at San Jose State University.
"More important for the housing market is that brokers and agents pay attention to what buyers want and spend less time listening to what sellers 'expect' or "deserve,'" Snider said in the report. "It is becoming a buyers' market, and 2024 should be good for people looking to buy a house."
The top 10 real estate markets in the U.S. are:
- No. 1 – McKinney, Texas
- No. 2 – Frisco, Texas
- No. 3 – Nashville, Tennessee
- No. 4 – Denton, Texas
- No. 5 – Cary, North Carolina
- No. 6 – Allen, Texas
- No. 7 – Durham, North Carolina
- No. 8 – Austin, Texas
- No. 9 – Port St. Lucie, Florida
- No. 10 – Gilbert, Arizona
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