You're reading...
Market News and Trends

Price Variation Around Austin


In 2017 Outlook I promised to provide more information about how much home prices can vary from one area to another around the Greater Austin area.  I won’t get down to neighborhood-specific market activity in this post, but looking at the 5-county metropolitan area in pieces will paint a fairly complete picture.

As a starting point, there is one aspect of the Austin-area residential real estate market where there isn’t much difference.  For the past 4 years, this has been a very fast-paced market where most homes sell quickly very near, and often above, list price.  Here’s a look at how long single family homes were available for sale during the second half of 2016, and how close the actual sale price was to list price:

metro-area-dom-and-sp-lp-by-region-070116-123116

The median time on market across the metro area was 21 days during that six-month period.  You can see in the table above that accessibility did seem to affect market velocity (Jonestown/Lago Vista, Dripping Springs/Wimberley, and Lakeway/Bee Cave), and as you might expect, some price ranges sell faster than others:

metro-area-dom-by-price-range-070116-123116

With that in mind, here is how average and median prices compared in the geographic areas listed in the first table above:

metro-area-prices-by-region-070116-123116-graph

Finally, in 2016 in Review, I discussed the upward migration of sale prices across the metropolitan area over the past 5 years, and showed the concentration of sales in the second half of 2016 to be in the $200,000 to $400,000 range.  That concentration by price and location is visible in this table:

metro-area-prices-by-region-070116-123116-table

The dramatic activity and upward price pressure over the past several years was driven by job creation and population growth in the area.  It appears that may abate somewhat this year, but the consensus opinion among local analysts is that the trend will continue this year.  If you’re considering a move, I hope the market data in this post will help you to target your  listing price and/or your home search as effectively as possible.  Consult an active real estate professional, though, because there are variations even within those areas, and many factors affect demand and sale-ability of a specific home in a specific neighborhood.

Advertisements

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

Trackbacks/Pingbacks

  1. Pingback: What About Downtown? | Bill Morris on Austin Real Estate - March 4, 2017

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: