Garland is one of the best cities for first-time real estate investors

Plus: Opendoor announces new CEO

September 11, 2025

😊 It’s Thursday — so good to see you.

Today's newsletter is 608 words, a 2.5-minute read.

1. Austin emerged this summer as the nation's second-biggest buyer's market

According to Realtor.com’s August 2025 Monthly Housing Market Trends report, the national housing market reached five months of supply—the first summer to hit that balance since the data began being tracked nine years ago.

Among the top 50 U.S. metros, seven had at least six months of supply in June, placing them firmly in buyer’s market territory.

  • Austin ranked second with 7.7 months of supply, as buyer demand has cooled in the pandemic-era boomtown while the number of homes for sale surged.

The metro also posted the third-highest share of listings with price cuts, at nearly 33%, as the median listing price dropped 4.5% to $524,950.

2. Opendoor announces new CEO

Opendoor announced on Wednesday that Shopify’s Chief Operating Officer, Kaz Nejatian, has been named its new CEO, with co-founder Keith Rabois returning as chairman.

Shares of Opendoor jumped 35% in after-hours trading to $8.04 following the news.

Nejatian’s appointment follows the August resignation of former CEO Carrie Wheeler, who stepped down under pressure from investors.

“It’s a privilege to become Opendoor’s leader. Few life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. That’s the future we’re building.”

Kaz Nejatian, incoming CEO of Opendoor

3. Catch up quick

🏡 Former NFL athlete Peyton Thompson reveals how he became a top luxury real estate advisor in Austin. (HousingWire)

⬆️ Plano will increase its property tax rate by about 4%. (KERA)

🛋️ Homebuyers browsing Zillow Showcase listings can now virtually stage homes. (Zillow)

✋ Fed governor Lisa Cook firing blocked. (BBC)

🕊️ Charlie Kirk, a Trump ally and activist shot dead at a Utah campus event. (BBC)

4. Garland is one of the best cities for first-time real estate investors

According to a recently released Real Estate Investment Index, Garland — where median home prices are just under $300,000 — ranked fourth on the list of best cities for new investors, making it the top city in Texas.

Five other Texas cities also landed in the top 20: Fort Worth (10), Irving (13), El Paso (15), Corpus Christi (16), and San Antonio (18) — all with home prices below the national median. Frisco (20) rounded out the list despite a median home price above $600,000.

Rankings were based on a mix of financial and legal factors. Monetary metrics carried the most weight, including average rent prices, median sale prices, gross rental yield and renter demand.

5. Asking rents rise the most since 2022

According to a new Redfin report, the median asking rent rose 2.6% year over year ($45) to $1,790 in August—the largest increase since December 2022. Rents are now just $70 below the record high set in the summer of 2022. On a month-over-month basis, the median asking rent increased 0.3% in August.

However, three metros saw declines in asking rents, led by Austin, TX, which dropped 3.1%.

By unit size, the median asking rent for studios and 1-bedrooms rose 4.4% year over year to $1,650 in August—the biggest jump since September 2022. For 2-bedrooms, rents increased 3.6% to $1,920, also the largest gain since September 2022. Meanwhile, 3+ bedroom units held flat at $2,199, marking the first time in five months without a decline.

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