From "Unicorn" to Snail? The dramatic turn of America’s hottest housing markets

emember the real estate frenzy of 2022? The bidding wars, the waived inspections, and homes flying off the market in hours? Nowhere was that heat felt more intensely than in Austin, Texas.

But fast forward to today, February 2026, and the data tells a completely different story. The "poster child" of the pandemic boom has officially done a 180. 📉

According to a new Redfin report, Austin is now home to the slowest real estate market in the country.

Here is the breakdown of the shift:

🏠 The "Days on Market" Gap
Then (2014-2020): Homes spent an average of 13–17 days on the market.
Now (Dec 2025): The typical home sits for 106 days.
Context: That is nearly double the current national average of 60 days.
📉 Price Corrections Austin saw a 4% decline in costs in December, marking the third-largest dip among major U.S. metros.
🏗️ Why is this happening? It’s a classic case of supply overtaking demand. The Redfin analysis points to two main culprits:
Unsustainable price growth over the last few years.
A massive homebuilding boom that has finally caught up.
The result? Austin now has more sellers than buyers. For the first time in a decade, buyers can actually take their time and negotiate.
It’s not just Austin. The "Texas Chill" is spreading across the major metros:
San Antonio: Tied for 2nd slowest market (99 days on market).
Houston: 79 days on market.
Dallas: 77 days on market.

💡 The Takeaway: Markets that fly closest to the sun often have the furthest to fall (or the longest to cool). For investors and sellers who banked on 2022 appreciation rates lasting forever, 2026 is serving as a reality check. For buyers, patience is finally paying off.