Market Data

July 2018 Market Report

The market slowed down a bit from last month, and Austin saw 3,103 homes sold in July. Homes are staying on market the same amount of time as last July, around 44 days. The median price of homes increased by $20,000 from last July. In the Austin area, the median price of single-family homes is $320,000, a 6.2% increase from last July, and a $6,250 decrease from last month.

Inventory of total available homes is at almost 3 months. A balanced market should have 6 months of inventory, so we’re about halfway there. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.

july to july

July 27, 2018

Resources | Uncategorized

Top Areas to Buy in Austin

There’s no denying it; Austin is still growing. A few months ago I posted about the new developments in East Austin (read here). Lately, it feels like cranes and cones are everywhere.

The Austin area nets over 100 new people every day, which continues to drive the need for better infrastructure, more housing, and more retail spaces.

If you’re thinking about buying or investing, here’s a few areas to keep an eye on to boost your return.

1. Wells Branch

An older neighborhood situated in North Austin, Wells Branch is poised to appreciate well in the next few years. As the Domain area grows more expensive, north austinites are turning to Wells Branch to save money.

What’s truly unique about Wells Branch’s location is that a new development in Round Rock called “The District” was just approved. The District will become a Domain-style mixed-use development. Upon its completion, Wells Branch will be smack dab in the middle of The Domain and The District, with a 7-8 minute drive in either direction.

2. Riverside

If living close to downtown is more your speed, consider the fast developing Riverside area. Commonly known as “Project Catalyst”, the now unnamed project funded by Nimes Capital aims to build hundreds of homes, a hotel and multiple office spaces near the new Oracle campus.

Riverside has room to grow price-wise compared to downtown Austin and is quickly becoming a hub for new home builders.

3. Ben White

Just south of Ben White and South Congress, construction has started on a new 40,000 sq foot public market. St. Elmo Public Market will be similar to Pike’s Place in Seattle and expects to draw in large weekend crowds.

With St. Edwards University just on the other side of Ben White, plus the new Austin ISD Headquarters relocating to Ben White and I-35, the area should be a strong south Austin investment spot.

4. Destination Bell Blvd

One of the perks of living “far north” is more space and highly rated schools. In the next few years, more retail and office developments will be built to lessen the need for a downtown commute. The mixed-use project, called “Destination: Bell Blvd” will be 52 acres in total area. 12 acres are zoned for parkland and 40 acres are zoned for retail, residential and office uses.

There is a full website dedicated to this project (click here) if you’d like to learn more.

Choosing where to buy a house or condo is a big decision. We’re lucky to live in a city that has multiple options for smart investments, and unique styles to cater to whatever your preferences may be.

I’d love to be your resource for all things real estate, and would welcome a call or email any time to talk more about your housing options!

July 12, 2018