3 HOT Austin Neighborhoods for Home Sales
The national brokerage and research company, Redfin Corp., has provided great insight in the economy of Austin, most particularly in the performance of its real estate. It has identified three neighborhoods in the Austin area that are doing exceptionally well with regards to home sales. If you are looking for a new house or for a place you can purchase to lease out to others, then you may want to look into these neighborhoods:
1. South Austin
Redfin Corp.’s study found out that South Austin is one of the most competitive neighborhoods in the U.S. for buying a house. About 30% of houses sold in the area are fetching more than the asking price. The average sale-to-list-price is at 99%. The average “days on market” is 11 days. About 52% of South Austin listings had offerings subjected to bidding wars. And lastly, there is a 13% increase in median sales price compared to last year. It is currently at $292,500.
2. Southeast Austin
The study also concluded that Southeast Austin is another neighborhood you should look into. Similar to South Austin, about 30% of homes sold close for more than the list price, albeit with a lower median price of $197,000. The average “days on market” is at 14 days, and 10% of all listings are subject to bidding wars. Note, however, that 46% of all sales in Southeast Austin are made in cash. This indicates strong investor activity in an area of modest, aging housing stock.
3. Northwest Austin
Redfin Corp. found that 29% of house sales in this area close for more than the list price. The median sales price is also a whopping $360,000. Sixty percent of all listings receive multiple offers—a trend that drives up real estate prices.
Freddie Mac’s Multi-Indicator Market Index indicates that Austin’s housing market is strong, with a stability score of 96.5, placing it behind the top scorer, Fresno, California, in ranking for all cities in the United States. Such an accolade from an established organization is enough to encourage more investors to become active in the area, thereby driving prices and demand higher.
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