Take on Austin: Austin is running out of spaces within the city limits. So for any property within the city limits (like any other growing city) prices are shooting-up. Even C areas are asking for top dollars. Of Course because of the location older properties hold the appreciation even in the down market as well. But older properties means more maintenance cost. With regards to outside the city limits, it's all depend how you negotiate the price. For last few months no builder and no seller giving out any incentives/discounts as they used to.
Every week number of properties popped-up in MLS on Thursday/Friday ~250 or so and on Sunday Pending bar goes up till ~220. So for investors MLS is worthless. (seldomly find any discounts forget about any deals)
People living in Austin can't explain housing market to someone living in Mid-west or East coast because it's hard to explain/quantify the city growth. Due to the huge migration of people towards Austin in past few years, Service sectors hurt really bad, they can't keep up with the demand. Everyone is about numbers now and everyone related to the "construction" directly or indirectly is busy like crazy. Austin was not designed to be a big metropolitan city and always discourage this idea. Now, city is facing some serious challenges.
At the end, they way I see, when ever market goes down in next 5-7 years Austin will not be impacted as much. Mainly, because most of the buyers are buying properties on cash or huge down payments unless, local Employers start moving out from Austin. Can't predict the unknowns.
