Many people are aware that a handful of big-city markets, like Manhattan and San Francisco, have largely resisted the real estate slide. It is less widely known that the same thing is true in scores of smaller markets.
“I would call them backcountry cities,” said Robert J. Shiller, an economist at Yale University and an expert on real estate markets. They are just going through normal growth, and they are out of the bubble picture.”
… Austin is a good example of a real estate market that was slow and steady for years and now appears to be taking off. Austin’s high-tech industries are attracting well-heeled buyers from cities where real estate is far more expensive.
New York Times - 2/15/2008
Austin Real Estate Market:
Articles By Roselind Hejl