As demand dwindles across the U.S. because of stubbornly high mortgage rates, home sellers are having to readjust their expectations to try to attract buyers.

Located at 4408 Long Champ Drive within the Austin Country Club on Lake Austin, the three-bedroom, three-and-a-half-bath home had a 53 percent price decrease in January. The home was listed for sale in July 2024 at $4.9 million, dropping just under 58 percent in price since then.