If you’re keeping tabs on the Austin real estate market and haven’t seen the August 2017 Real Estate edition of Community Impact Newspaper, it’s worth checking out.
In that issue, Editors Marie Albiges and JJ Velasquez (with additional reporting by Christopher Neely), compiled several interesting facts and figures about how the Austin market has changed over the past six to seven years. Some of the highlights include:
- Construction of new housing in Central Austin more than doubled from 2011 to 2016. According to recent market data and reports, between 2011 and 2016, the number of new homes constructed increased from 167 to more than 550 homes — and so far in 2017, the trend doesn’t seem to be slowing. Still, according to ABoR President Brandy Guthrie, the “missing middle” — townhomes, duplexes, fourplexes and condos — has been limited.
- More homes have been sold in 78704 so far this year than in any other zip code in Austin, followed by 78723, which includes the Mueller and Windsor Park neighborhoods.
- The median price of a home in Central Austin increased by more than $200,000 over the past six years, with May 2017 being the highest-grossing month for Central Texas in the region’s history. Median sales prices from January 2011 through June 2017 increased by 69.4%.
- There’s lots of new apartment construction. In fact, four Austin neighborhoods — North Burnet, downtown Austin, Zilker and University Campus — made a U.S. list for the most new apartment units coming online since 2010.
- The average number of days Central Austin homes stayed on the market decreased by 44.3% between January 2011 and June 2017.
- Affordability continues to be an issue for both renters and homebuyers. According to a report released June 8 by the National Low Income Housing Coalition, Austinites need to earn $23 per hour (more than three times the state’s minimum wage) to be able to afford a two-bedroom rental. And between January and June, more than six times as many Central Austin homes were priced above $250,000, compared to the number of “starter homes” — homes priced at under $250,000.
For details and more interesting news that affects our community, check out Albiges and Velasquez’s recent articles, 5 real estate trends to know in Central Austin this summer and INFOGRAPHIC: Here’s how the Central Austin real estate market has changed in the past 7 years.
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