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:
(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:
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.