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Market News and Trends

So how much does housing cost in Austin? (Part 2)


My last post (So how much does housing cost … Part 1) summarized market-wide changes in price distribution in the Austin metropolitan area, and pointed out that more than 1/4 of all homes sold in 2015 were below $200,000 and almost 1/2 were below $250,000.  The past couple of years have been a frustrating time for many home shoppers, so my purpose here is to offer top-level shopping suggestions, by price, in Austin and other cities and towns nearby:

Austin Metro Prices by City and County

(Source: Austin/Central Texas Realty Information System, the MLS operated by the Austin Board of REALTORS®.)

There are significant variations in pricing within each county where most of the metro population lives, but there are cities in each county where a below-$200,000 purchase is still realistic.  Several cities span county lines, so I consolidated those in the small table bottom-center above.

Ignoring county lines, here is a summary only by city:

Austin Metro Prices by City

Obviously, Austin has become a big city, so I have broken out pricing for various parts of the city.  That does make it clear that a $200,000 home inside the City is a challenge, but the metro area still offers alternatives.

One last point of comparison:  At least conversationally, the definition of the “urban core” of Austin is fairly well accepted as the area bounded on the south by Ben White Blvd, on the west by Loop 360, and north and east by US Hwy 183.  In that area the average sale price in December 2015 was $639,019, and the median was $495,978.

Summarize these So how much does housing cost in Austin? posts, jobs are attracting population to the Austin area, which expands demand for housing in a market that has been unable to meet that demand in many areas over the past couple years.  The imbalance of supply and demand has driven home prices up.  Purchasing a “starter” home in the $200,000-$250,000 range is still possible, but that level and lower now require willingness to live farther from the center of Austin than was necessary just a couple of years ago.

Give me a call.  Let’s talk about your plans and priorities, and I’ll help guide your search to minimize frustration and to achieve a successful home purchase that meets your needs.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

Discussion

3 thoughts on “So how much does housing cost in Austin? (Part 2)

  1. Your comments bring back what Clyde Copus / Nash Phillips used to say, ‘ people drive till they qualify.’

    MS

    Posted by Mark Sprague | February 22, 2016, 4:20 PM

Trackbacks/Pingbacks

  1. Pingback: So how much does housing cost in Austin? (Part 1) | Bill Morris on Austin Real Estate - February 22, 2016

  2. Pingback: Affordability in Austin’s “urban core” | Bill Morris on Austin Real Estate - March 15, 2016

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