As the ‘R’ word Recession is being mentioned in parallel with the COVID-19 pandemic, here’s a few stats that may make you feel better about owning a home in Austin and riding out a potential economic downturn.
- At the peak of the Great Recession, Austin’s median home price fell only 1.16%  – that’s far less than nearly every other market in the country: the rest of Texas (-14%), California (-42%), Washington (-28%), New York (-14%), Florida (-50%) .
- Austin’s median home value has increased every year over the last 30 years with the exception of three years, and these were relative blips on the radar: 2004 (-0.41%), 2009 (-1.16%), and 2011 (-0.19%) .
- In the last 30 years, Austin’s median home price has risen an average 5.26% per year . The U.S. average increase over that time was 0.86% per year .
- For decades, Austin’s housing demand has outpaced the supply. The city’s current residential absorption rate is 1.5 months of inventory . This tells us that if no new listings came onto the market, the city would run out of supply in six weeks. A balanced housing supply is defined as 6.5 months . Austin’s peak absorption rate during the Great Recession was 5.3 months. And in the last 30 years, we have not had a single year where supply was greater than demand .
- Austin has been the nation’s fastest growing metropolitan market for the last decade – since the Federal Reserve began their policy of quantitative easing . The Fed continues to aggressively pursue QE, and this will likely rise the prices of all real assets over the long term, including real estate.
The Austin area housing market will be amongst the least affected by the Covid-19 pandemic, according to a new study by real estate data provider, Attom Data Solutions. Austin’s Travis County ranked number 457 on the list of 483 housing markets included in the study. Markets were considered more or less at risk based on the percentage of housing units receiving a foreclosure notice in Q4 2019, the percent of homes underwater (LTV 100 or greater) in Q4 2019, and the percentage of local wages required to pay for major home ownership expenses.
New Jersey and Florida are likely to be the hardest hit with 24 of the 50 most vulnerable counties.
Texas had 10 of the 50 least vulnerable counties on the list.
North Loop 2019 Residential Market Statistics
Properties of all types have been popular this year: original construction, remodeled original construction, and the new construction of Single Family Homes and Accessory Dwelling Units/Detached Condos. On the surface it may appear that new constructions are wildly popular but there continues to be a huge demand for original construction. Inventory is very tight and properties continue to sell very quickly. I predict that 2020 will be the most competitive year in the history of Austin’s residential real estate market.
North Loop Properties Sold in 2019: 56
Average Property Profiles:
3 bedrooms | 2 baths | 1,288 sf | 0.14 Acres
List Price: $445,750
Sales Price: $427,000
Sales Price/List Price: 98.74%
Sales Price/sf: $354.35
Average Days on Market: 12
Single Family Homes (SFH) Sold: 33
Median SFH Sales Price: $410,000 | $399/sf
Average Days on Market: 12
Detached Condos / Accessory Dwelling Units (ADUs) Sold: 23
Median ADU Sales Price: $525,000 | $346/sf
Average Days on Market: 14
|MLS #||Status||Area||Address||# Beds Total||# Baths Full||# Baths Half||# Living||# Stories||# Garage Spaces||Year Built||Acres||Sqft Total||LP$SqFt||List Price||Sold/Lease$/SqFt||Sold/Lease Price||Sold/Lease Date||ADOM||CDOM|
|7608377||S||4||302 Franklin BLVD||2||1||0||1||1||0||1948||0.18||838||$340.10||$285,000.00||$316.23||$265,000.00||03/11/2019||3||3|
|4401995||S||4||212 E North Loop BLVD||2||1||0||1||1||1||1947||0.18||708||$437.85||$310,000.00||$405.37||$287,000.00||10/23/2019||123||123|
|2775377||S||4||5511 Avenue F Unit#B||2||2||0||1||2||1||2015||0.14||819||$366.30||$300,000.00||$354.09||$290,000.00||08/05/2019||334||334|
|7831080||S||4||5111 Martin Ave Unit#B||2||2||0||1||2||2||2005||0.04||924||$324.57||$299,900.00||$346.32||$320,000.00||07/17/2019||2||2|
|7922779||S||4||506 W 51st ST Unit#A||2||1||0||1||1||0||1950||987||$339.41||$335,000.00||$327.25||$323,000.00||08/29/2019||10||10|
|5112088||S||4||409 W 55th ST||2||1||0||1||1||1||1953||0.15||702||$477.21||$335,000.00||$462.96||$325,000.00||11/21/2019||161||161|
|9470389||S||4||106 W 55th ST||3||2||0||1||1||0||1952||0.15||1,120||$343.75||$385,000.00||$308.04||$345,000.00||02/19/2019|
|6994327||S||4||408 W 55th ST||3||2||0||1||1||0||1952||0.15||1,704||$205.40||$350,000.00||$205.40||$350,000.00||07/18/2019||22||22|
|2316966||S||4||5211 Evans Ave||2||1||0||1||1||0||1947||728||$513.74||$374,000.00||$488.74||$355,800.00||11/18/2019||12||12|
|6796743||S||4||5114 Avenue F||3||2||0||1||1||0||1946||0.13||1,283||$319.49||$409,900.00||$292.28||$375,000.00||03/26/2019||27||27|
|4657322||S||4||505 E 54th ST Unit#A||2||1||0||1||1||0||1946||0.14||927||$441.21||$409,000.00||$405.83||$376,200.00||03/27/2019||96||96|
|8201553||S||4||5512 Avenue H||2||1||0||1||1||0||1953||0.14||768||$455.73||$350,000.00||$494.79||$380,000.00||10/25/2019||2||2|
|1892678||S||4||302 Franklin BLVD||2||1||0||1||1||1||1948||838||$459.43||$385,000.00||$453.46||$380,000.00||08/30/2019||17||17|
|1119278||S||4||5507 Link Ave||5||3||0||1||1||0||1952||0.15||1,442||$297.50||$429,000.00||$263.52||$380,000.00||09/11/2019||135||135|
|4767343||S||4||5508 Avenue F||2||1||0||1||1||1||1947||0.14||752||$518.62||$390,000.00||$515.96||$388,000.00||07/09/2019||2||2|
|9437445||S||4||407 W 55 1/2 ST||2||1||0||1||1||1||1950||0.15||810||$492.59||$399,000.00||$480.25||$389,000.00||07/12/2019||70||70|
|1779462||S||4||5208 Avenue G Unit#2||2||2||1||1||1||1||2016||0.00||1,121||$352.36||$395,000.00||$352.36||$395,000.00||05/23/2019||53||53|
|9323971||S||4||5402 Evans Ave Unit#2||2||1||1||1||2||1||2018||0.14||1,009||$396.33||$399,900.00||$391.48||$395,000.00||01/14/2019||19||97|
|7696745||S||4||508 Nelray BLVD||5||2||0||1||1||0||1946||0.15||1,334||$299.10||$399,000.00||$299.10||$399,000.00||05/06/2019||11||11|
|5748391||S||4||5404 Avenue F||2||1||0||1||1||0||1947||0.14||798||$526.32||$420,000.00||$501.25||$400,000.00||07/18/2019||15||15|
|8527473||S||4||5105 Avenue F||2||1||0||1||1||0||1947||0.15||1,008||$396.73||$399,900.00||$399.31||$402,500.00||11/18/2019||2||2|
|2862319||S||4||5213 Evans Ave||2||1||0||1||1||0||1947||984||$431.91||$425,000.00||$413.31||$406,700.00||11/18/2019||12||12|
|6896968||S||4||5400 Avenue F||2||1||0||1||1||1||1947||0.14||757||$554.81||$419,990.00||$541.61||$410,000.00||06/20/2019||6||6|
|9961841||S||4||508 E 55th Ave||2||2||1||1||2||1||2019||930||$462.37||$430,000.00||$444.09||$413,000.00||04/24/2019||23||23|
|8260690||S||4||5401 Avenue G||2||2||0||2||1||0||1950||1,219||$340.44||$415,000.00||$343.72||$419,000.00||05/17/2019||6||6|
|9399798||S||4||212 Nelray BLVD||2||1||0||2||1||0||1952||0.19||1,006||$412.52||$415,000.00||$420.97||$423,500.00||03/05/2019||5||5|
|6900128||S||4||505 E 54th ST Unit#B||3||2||0||1||1||0||2003||0.14||1,195||$375.73||$449,000.00||$359.83||$430,000.00||04/12/2019||96||96|
|5447232||S||4||206 W 55th ST||2||1||0||2||1||1||1952||0.15||1,013||$409.67||$415,000.00||$429.42||$435,000.00||04/05/2019||4||4|
|3312217||S||4||5202 Evans Ave Unit#B||3||2||0||1||2||1||2016||0.06||1,027||$430.87||$442,500.00||$427.46||$439,000.00||07/01/2019||39||39|
|3126718||S||4||406 W 55 1/2 ST||3||2||1||1||2||0||1950||0.16||1,604||$280.49||$449,900.00||$274.31||$440,000.00||07/26/2019||11||11|
|6335326||S||4||5208 Evans Ave||3||2||0||1||1||0||1946||0.21||1,392||$323.28||$450,000.00||$317.53||$442,000.00||10/31/2019||13||13|
|3646723||S||4||5512 Duval ST||5||2||0||1||1||0||1958||0.15||1,570||$286.62||$450,000.00||$286.62||$450,000.00||07/02/2019||6||6|
|2190002||S||4||112 W 55 1/2 ST||3||1||1||2||1||3||1952||0.16||1,116||$443.46||$494,900.00||$425.63||$475,000.00||12/02/2019||76||76|
|7475448||S||4||408 W 51st ST Unit#A||2||2||1||2||2||0||2014||0.08||1,428||$349.44||$499,000.00||$346.64||$495,000.00||07/02/2019||10||10|
|7318708||S||4||402 W 51st ST Unit#B||3||2||1||2||2||0||2014||0.08||1,538||$337.45||$519,000.00||$330.95||$509,000.00||07/31/2019||17||17|
|5448566||S||4||506 W 51st ST Unit#A & B||4||2||0||2||2||0||1950||0.17||2,038||$260.06||$530,000.00||$257.61||$525,000.00||04/24/2019||1||1|
|8889899||S||4||5504 Duval ST||3||2||0||1||1||1||1958||0.15||1,382||$379.88||$525,000.00||$383.50||$530,000.00||10/25/2019||4||4|
|1108329||S||4||205 Nelray BLVD Unit#B||3||3||0||1||2||0||2019||0.20||1,627||$337.43||$549,000.00||$337.43||$549,000.00||11/22/2019||2||2|
|8401607||S||4||205 Nelray BLVD Unit#A||3||3||0||1||2||0||2019||0.20||1,613||$340.36||$549,000.00||$340.36||$549,000.00||11/22/2019||2||2|
|7774186||S||4||5018 Avenue F||2||2||0||1||1||0||1941||0.14||1,215||$476.54||$579,000.00||$465.02||$565,000.00||07/03/2019||31||110|
|4813374||S||4||5315 Martin Ave||3||3||0||1||2||0||1940||0.15||2,083||$282.53||$588,500.00||$271.24||$565,000.00||07/17/2019||83||83|
|9828243||S||4||407 W 55th ST Unit#A||3||2||1||2||2||1||2016||0.08||1,762||$326.33||$575,000.00||$323.50||$570,000.00||08/09/2019||10||71|
|7570540||S||4||5106 C Caswell Ave||4||3||1||2||2||1||2014||0.07||1,963||$305.60||$599,900.00||$299.03||$587,000.00||06/14/2019||39||39|
|7616028||S||4||100 E 51st ST Unit#2||3||2||1||1||2||2||2006||0.09||1,930||$303.11||$585,000.00||$304.40||$587,500.00||05/06/2019||47||47|
|5079298||S||4||5108 Eilers Ave||3||2||0||1||1||0||2001||0.14||1,556||$375.96||$585,000.00||$382.39||$595,000.00||05/24/2019||4||4|
|7160609||S||4||5501 Link Ave Unit#A||3||2||1||1||2||1||2015||0.09||1,661||$360.63||$599,000.00||$360.63||$599,000.00||09/13/2019|
|7389188||S||4||5200 Bruning Unit#1||3||2||1||1||2||1||2019||1,539||$389.21||$599,000.00||$389.80||$599,900.00||11/08/2019||7||7|
|2751564||S||4||5204 Martin Ave Unit#B||4||3||1||2||2||1||2013||0.07||1,988||$306.34||$609,000.00||$304.33||$605,000.00||07/29/2019||76||76|
|4728937||S||4||105 W 55 1/2 ST Unit#1||3||2||1||1||2||1||2018||1,725||$359.36||$619,900.00||$359.36||$619,900.00||01/09/2019||14||14|
|3694970||S||4||5111 Martin Ave Unit#A||4||3||0||1||2||0||2005||0.10||2,321||$275.70||$639,900.00||$267.13||$620,000.00||10/11/2019||67||67|
|6287765||S||4||5509 Link Unit#A&B||5||3||0||2||1||0||1952||0.15||1,960||$323.98||$635,000.00||$316.33||$620,000.00||05/10/2019||5||5|
|9528854||S||4||5101 Avenue G||3||2||0||2||2||1||1945||0.15||2,144||$291.51||$625,000.00||$291.51||$625,000.00||10/04/2019||12||12|
|6800021||S||4||5408 Evans Ave||3||2||0||1||2||2||2010||0.14||2,279||$302.72||$689,900.00||$295.74||$674,000.00||07/02/2019||55||55|
|9116177||S||4||5114 Avenue F||3||2||0||1||1||0||1946||0.14||1,685||$402.97||$679,000.00||$412.46||$695,000.00||11/15/2019||2||2|
|4653614||S||4||5513 Avenue H||4||2||1||1||2||2||2019||0.14||2,483||$392.67||$975,000.00||$392.67||$975,000.00||12/06/2019||3||3|
Central Austin Neighborhoods Guide 2019
Here is your Central Austin Neighborhoods Guide for 2019. Here you will find a general breakdown of the areas in and around Central Austin, as well as more detailed neighborhood profiles. (There are also a few bonus neighborhood spotlights on the south side.)
General Areas of Town
North Austin (North and Northwest of HWY 183) – Tech. This is where the tech sector is living and growing. Some of the best schools in the state are in the NW part of town so the home prices continue to rise.
West Austin (West of Mopac/HWY 1) – Old Money. This has always been the wealthiest part of Austin since the city’s inception. Large estates that generally start at $1M.
East Austin (East of I-35) – Rejuvenating Austin. This area has seen major redevelopment in the last 15 years. This was historically the economic disadvantaged part of town. Now it’s full of very expensive homes next to properties that need to be redeveloped.
South Austin (South of the river) – Very expensive, rejuvenating Austin. 25 years ago, South Congress was not exactly a tourist destination due to it’s “seedy” underbelly. Now it’s full of very expensive homes. The major attraction is its proximity to downtown, the river, Barton Creek Greenbelt, and Barton Springs.
Central Austin (North of the river, I-35 to the east, Mopac to the west, HWY-183 to the north) – There a lot of different vibes in this area. UT, Hyde Park, Enfield, North Loop/Airport Blvd, Burnet, Shoal Creek, etc. Every neighborhood has its own little thing. All areas continue to climb in price.
Some Specific Neighborhoods to Check Out
North Loop. It is one of the only truly walkable areas in Austin. When I say that I mean that most people aren’t going to walk more than a high mile to get anywhere, particularly during the summer. Also, about as central as you get in Austin, so everything is a close drive. Notable spots: Foreign & Domestic, Drink Well, Tigress Pub, Work Horse, and Home Slice Pizza (the second location of Austin’s most popular pizza place located on South Congress).
North Loop is also immediately adjacent to Airport Blvd which has some great restaurants like Kome, Bun Belly, Tyson’s Tacos, Mrs. Johnson’s Bakery, and Quality Seafood Market. It’s also across I-35 from Mueller. Mueller a huge master planned mixed-use development situated at the old airport. I’m not particularly recommending it to you because it is mostly small lot garden homes or condos with lots of restrictions, i.e. no pools. It can be a fun place to hang though because there are some good restaurants, farmer’s markets, and lots of events going on there.
Skyview. Pocket neighborhood immediately north of North Loop. North Loop vibe at a better price point. It’s also adjacent and walking distance to the old Highland Park Mall, which is being built out as a master planned mixed use area. This area will soon be in the middle of a lot of things. Check out the Brewtorium. There is also a metro rail stop here.
Crestview/Brentwood. This area has been growing like gangbusters the past few years. The attraction? Central Austin with slightly bigger homes, close to everything and nice lots with trees. A lot of these homes are small ranch style homes that don’t necessarily have the best curb appeal, but they do tend to have more an open-concept as compared to more bungalow styles found in Hyde Park and 78704 near Zilker and Bouldin. Check out Black Star Coop, Ginny’s Little Longhorn, Lala’s, Barley Swine, Stiles Switch BBQ, and the Peached Tortilla.
North Shoal Creek. Pocket neighborhood at the very NW part of Central Austin. A little far out but still close to everything on Burnet and close to the Domain. This area has some great deals on homes for the price per square foot. Also, nice lots with great trees. Some spots include Hopdoddy’s, Top Notch, and the Night Owl.
Windsor Park. Quickly becoming a great option for many people. Close to Mueller, quick drive to downtown, and adjacent to Central Austin. Larger homes with some great lots with trees. Like Crestview/Brentwood, these homes don’t have the best curb appeal, but they are generally more suitable to open-concept. This area has some of the best values in town right now.
Chestnut. Just south of Cherrywood. This area is close to everything on Manor and, 11th & 12th street. This area is in the redevelopment process and the price per square foot tends to be very high. People like the location to downtown. Check out Salty Sow, Hillside Farmacy, and Rio Rita. 12th and Chicon was one of the sketchiest spots in town 7 years ago.
Holly. Very expensive but a great part of town. Huge redeveloped homes next to people holding out for the big $$$. Tons of amazing trees and walkable to one of our favorite parks in Austin, Festival Beach. Virtually considered downtown and close to everything on Cesar Chavez and east 6th. Keep in mind with all the major development along east 6th it is a very different place than just a few years ago. It used to full of really fun bars that are now either defuncted or next store to a huge condo development. Not necessarily bad, just different.
Galindo/Dawson. South of Bouldin and North HWY 290. The last bit of stretch that you can find a home in this general area of town under $600K (that doesn’t need major work). Some good ones can still be found though. Close to downtown and everything on South Lamar and South Congress. Also, you are close to the Barton Creek Greenbelt and Barton Springs – a must to beat the summer heat. Check out 4025 Valley View, they are having an open house today from 12pm to 2pm. I’ll send you a text about it.
For more information about Central Austin Neighborhoods contact me directly! http://www.centralaustinrealtor.com
Hungry? Get some Home Slice in your belly!!!! http://www.homeslicepizza.com
North Loop Real Estate Home Sales – January to June 2019
Total North Loop Properties Sold: 54
Single Family Homes (SFH) Sold: 28
Median SFH Sales Price: $409,750 | $340/sf
Average Days in Market: 10
Accessory Dwelling Units (ADU) Sold: 12
Median ADU Sales Price: $451,250 | $346/sf
Average Days in Market: 16
Condos Sold: 14
Median Condo Sales Price: $224,500| $285/sf
Average Days on Market: 88
Is your home sellable? You bet. North Loop real estate continues to be HOT! There is very strong demand for North Loop real estate because of the central location, unique character, and the amazing walkability to local retail/restaurants/bars. I don’t expect this to change anytime soon, and I have a list of renters who would love to purchase in the area.
Contact me today for a free comparative market analysis to learn the value of your home.