What Happens to Austin Real Estate in a
Downturn?
Patrick Hallett, Realtor, July 30, 2022
A lot has changed in Austin real estate over the past few months. It’s now very clear that the pandemic boom is over and it’s a real possibility that we’re heading into a downturn. While lots of buyers welcome the additional inventory and the breathing room this provides, these changes have understandably made many sellers (and many buyers) nervous about the market. This begs the question, “What happens to Austin real estate in a downturn?”
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The last downturn in
Austin real estate started in 2008 with the Great Recession. It’s important to remember just how deep and long this recession was. The recession lasted almost 18 months and it took the
Austin market almost 4 years to recover. This is much longer than most recessions and most real estate downturns.
That said, how was Austin real estate affected in 2008?
A lot has changed in Austin real estate over the past few months. It’s now very clear that the pandemic boom is over and it’s a real possibility that we’re heading into a downturn. While lots of buyers welcome the additional inventory and the breathing room this provides, these changes have understandably made many sellers (and many buyers) nervous about the market. This begs the question, “What happens to Austin real estate in a downturn?”
~~~ Get Market Updates w/ SOLD info for Your Neighborhood Here ~~~
The last downturn in
Austin real estate started in 2008 with the Great Recession. It’s important to remember just how deep and long this recession was. The recession lasted almost 18 months and it took the
Austin market almost 4 years to recover. This is much longer than most recessions and most real estate downturns.
That said, how was Austin real estate affected in 2008?
About the Author
Patrick moved from Houston to Austin in 2004 to attend Texas State University and never looked back! After racking up 10 years of customer service experience he decided to embark on a career in real estate sales in 2013. Patrick is a people person who loves connecting and helping people achieve their real estate goals. He loves making his clients feel understood and the importance of catering to the unique needs of buyers and sellers. Currently residing on the East side, he has also lived in various neighborhoods in South Austin, allowing him a boots on the ground knowledge of these parts of the city. As an avid cyclist, Patrick has a unique understanding of Austin that can only be gained by pedaling through the neighborhoods and surrounding areas of the city and always knows alternate routes! In his free time he loves to travel and scuba dive.
Last updated: 25/8/2022