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.

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Source: INSIDER

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