The beginning of 2022 left renters and buyers in a lurch as the demand for houses outpaced supply.
Higher interest rates have helped calm down the competition in the Austin area, according to Ashley Jackson, 2023 president of the Austin Board of Realtors.
"This is a great reminder that 2023 will be a great time to buy a home without having to go wildly over the asking price, as buyers have in the past few years," Jackson says.
Housing inventory is likely to increase in 2023, but not as much as we need it to as homebuilders are cautious as they head into the new year, Rodenbeck added.The metro area's unemployment rate remained steady in November at 2.8%, despite recent layoffs and fears of a recession, per the latest figures available.
"Austin is a healthier market than any other in the country," Rodenbeck said. "That's because we have historically performed better than other markets in the U.S. during a recession or slow down. There are more eyes than ever from people who want to visit and live here."
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