Gracy Title recently released their 2014 year end Austin Real Estate Market Report, which includes data for single family homes, condos and townhomes. There are some pretty interesting findings in these numbers, which we thought we’d share and dispel some of the big myths we are seeing in the media. For the most part, the Austin real estate market is strong, but not in every single section of town. We’ll break down the numbers and show you where Austin housing prices increased and decreased most in 2014.
Median Sold Price Change in Austin Over 2014
The map below shows where prices increased and decreased, and to what degree, in the 5 counties surrounding Austin. For the purposes of our discussion, we’ll focus on Travis County, Hays County and Williamson County and discuss how median sold prices have changed over 2014.
Source: Gracy Title December 2014 Area Market Statistics
What Do the Letters on the Map Mean?
The labels on each section of the map are the shorthand codes used in the MLS, which is the database Realtors use to input homes for sale. As we explain the data, we’ll give you the names of the neighborhoods that make up the areas. You can also get a sense for where they are using the landmarks drawn on the map.
Where Have Median Home Prices Gone Up 50% or More in 2014?
The other end of the pendulum is where prices have gone up significantly, which is a 50% or more increase in median sold price in 2014. Area 9, Area DT, Area LN, Area LW and Area GTE all saw 50% or more increases in median sold prices for single family homes, townhomes and condos.
Area 9, which is the area east of 35, south of the river, north of 71 and west of 183, or the zip code 78741, continues to boom. Don’t believe me? Drive down East Riverside Drive. You’ll see new garden homes, restaurants, luxury apartments and bars. It reminds me a lot of what S 1st and S Lamar used to look like before it took off. And, only 5 minutes from Downtown or 78704, this is the perfect place for someone who likes those areas, but doesn’t want to pay those prices. Some popular neighborhoods in Area 9 (78741) include Riverside, River Bluff, Santa Monica Park and Sunridge Park.
Area DT covers the Downtown Austin neighborhood, which is considered south of MLK, east of N Lamar Blvd, north of the river and west of 35. Downtown Austin has changed so much over the last decade and is really becoming one of the nicer urban settings in Texas. There is live music nearly every night at various venues and countless numbers of bars and restaurants. It’s also a great home base for festivals, concerts and cultural activities. And, with the brand new luxury condos going up all over the skyline, there will be more choices soon.
Two of the three Lake Travis areas made the list of areas of town where median sold prices have increased by 50% or more, Area LW and Area LN. Area LW covers the section of the City of Spicewood that falls in the Marble Falls ISD. Area LN is Lake Travis North and covers Jonestown, Volente and Lago Vista north of Lake Travis. This area has recently exploded with buyers looking for Lake houses that have been priced out of the Austin side of Lake Travis.
Area GTE, otherwise known as East Georgetown, is the section of Georgetown that’s, you called it, east of 35. This covers quite a large geographical area as you can see on the map, but has been very active in 2014. Much of this area was rural until some of the big builders, namely DR Horton, Lennar, We Peoples, Ryland and Milestone came in and started developing the area. Popular neighborhoods in East Georgetown include Teravista, Katy Crossing and Highcrest Meadows.
Austin Metro Area Saw, On Average, 5-25% Increase in Median Price
The light green areas, which cover most of the Austin metro area, are where prices have increased 5-25% in 2014. You’ll see most of these areas are outside the Downtown Area, which had the most variation in median price changes. Travis (outside Central Austin), Williamson and Hays County all saw a pretty steady increase in median sold price in 2014.
Which Areas of Austin Showed 0-5% Increase in Median Sold Price in 2014?
There were 8 areas of Austin that showed a 0-5% increase in median sold price in 2014. The majority were in Downtown Austin and South Austin (78704) as well as Round Rock East and east and west North Williamson County.
North Burnet and Anderson Lane Area
Area 2, which sits between 35 and MoPac, south of 183 and North of 2222, saw a small (0-5% increase) in median sold price in 2014. This area includes popular neighborhoods Allandale, Crestview, Brentwood, Highland, North Shoal Creek and Wooten.
Area 4, which also sits between MoPac and 35, north of 38th and south of W Koenig Lane is sometimes referred to as the Triangle. The Triangle saw a 0-5% increase in median sold price in 2014. This area includes popular neighborhoods like Brentwood, Hyde Park, Hancock, Rosedale, Oakmont Heights, Ridgelea and Ridgetop.
UT describes the area between N Lamar and 35, south of 38th and north of MLK and is fittingly called “UT”. The area around UT saw a 0-5% increase in the median sold price of a home or condo in 2014. Popular neighborhoods here include Hancock, North University and West University.
No one really describes Area 6 as East 78704, but I wanted to make the point that it didn’t include Zilker and Barton Hills. Area 6 includes neighborhoods between S Lamar Blvd and 35 from west to east and Lady Bird Lake and 71 from north to south. Popular neighborhoods include Bouldin Creek, Travis Heights, South Lamar, Galindo, Dawson and Sherwood Oaks. This area saw a 0-5% increase in median home price in 2014.
East Round Rock
East Round Rock, or RRE on the map, is the area north of 45 between 35 and 130 to the Round Rock border north. In 2014, it saw a slight increase (0-5%) in median sold price. Popular neighborhoods here include Teravista, Forest Creek, Paloma Lake, Vizcaya, Lake Forest and Forest Grove.
South Hays County
South Hays County, or HS as marked on the map below, covers most of San Marcos and southern Hays County. This area also showed a 0-5% increase in the median sold price of a home in 2014.
Manor is another area that saw a slight increase in year over year numbers. This one is pretty self explanatory and is marked with MA on the map.
Williamson County West & Williamson County East
Area WW and Area WE, which we call Williamson County West and Williamson County East, are the two northern sections of Williamson County. Most of this area is rural and includes cities like Florence and Bartlett.
Where Have Median Home Prices Dropped 25% or More in 2014?
Not every section of Austin had an increase in median sold price in 2014. The most significant decreases came in Area 1A, which covers the area south and east of 360, north of 2222, west of MoPac and south of 183. Some well known neighborhoods in Area 1A include Cat Mountain, Highland Hills, Shinoak Valley, Courtyard, North Cat Mountain, Northwest Hills, Lakewood, Vista Ridge and Vista West. Area 1A saw a 25% plus decrease in median sold price in 2014. If you’re looking to buy a home in Area 1A, you’ll pay less than you would have last year.
Which Areas of Austin Showed 5-25% Decrease in Median Sold Price in 2014?
Area 1B and Area 8W both showed 5-25% decrease in median sold price in 2014.
West Central Austin
Area 1B covers what I like to call “West Central Austin” and includes popular neighborhoods Tarrytown, Clarksville, Old Enfield, Pemberton Heights, Bryker Woods and Highland Park West Balcones. This area showed a 5-25% decrease in median sold price in 2014. There are several possible reasons for this, but I believe a lot of it has to do with this area peaking before the rest of the city and is now leveling out. At any rate, if these are your target neighborhoods you should be pleased that you will spend less than you would have last year.
West Austin – West of 360
Area 8W is the area west of 360 to the western border of the Eanes ISD and south of Lake Austin covering zip codes 78733 and the western section of 78746. Popular neighborhoods for this area include Lost Creek, Rob Roy, Senna Hills, Barton Creek West, Davenport Ranch and Seven Oaks. This area also showed a 5-25% decrease in median sold price during 2014. This presents a great opportunity for someone who wants to get into the Eanes ISD.
Which Areas of Austin Showed 0-5% Decrease in Median Sold Price in 2014?
Area RN was the only area of Austin that saw a 0-5% decrease in the median sold price in 2014.
River Place, Steiner Ranch & Surrounding Neighborhoods
The majority of Area RN is made up of River Place and Steiner Ranch, but includes the area south of 2222, north of Lake Austin, west of 360 and east of Lake Travis. It also includes the section west of 620 to Lake Travis from 2222 to Anderson Mill Road. Popular neighborhoods include River Place, Steiner Ranch, Long Canyon, Comanche Canyon Ranch, Comanche Trail, Shepherd Mountain and Grandview Hills. These areas might give buyers a slight edge in a negotiation with a seller.
Read the Entire 2014 Austin Real Estate Market Report
Interested in learning more about how each of these areas performed? Send us an email at info@11OaksRealty.com and we’ll send you the report.
Considering Buying or Selling in Austin?
We know the Austin real estate market well and can help you buy or sell a home in the Austin area. We are a little bit different than most Realtors in that we believe buying and selling a home should be about you, not about us. Check out our Austin Home Buyers and our Austin Home Sellers sections to learn more about what makes us different. Then call us at (512) 827-8323 or email us at info@11OaksRealty.com to get started.