Austin home prices crashed 25% since their peak while Phoenix stabilized. One surgeon who bought in 2022 is staring down a 30% loss and moving back to Arizona.
Ryan McPherson paid $615,000 for his Austin home in spring 2022. Builders flooded the market with 211,000 new units just as mortgage rates jumped from under 3% to 6% in seven months. Now he's listing for $420,000 to $450,000.
79% of Austin buyers from 2022 are underwater today. Gary Froniewski estimates his North Austin home lost half its value. Another seller in Buda took a $30,000 hit just to get out.
Phoenix saw similar pandemic frenzy but the market corrected differently. Austin built aggressively into rising rates. Phoenix pulled back earlier. That timing gap explains why one market crashed while the other found footing.
If you bought during the boom in any market, your equity position depends on local supply dynamics and builder activity. Understanding what happened in Austin versus Phoenix matters for your next move.
DM me directly and I will walk you through how Phoenix compares today and what it means for your situation.
