Photo courtesy of Lars Plougmann on Flickr.
Austin real estate is in high demand this year! According to a recent report released by Redfin, South Austin homes are selling faster than any other neighborhood. Homes in South Austin stay on the market for an average of 11 days, with a median sales price of $299,000. In this competitive market, roughly 52% of offers faced bidding wars among buyers. In the end, about 30% of South Austin homes sold for over the original asking price.
It may surprise some Austinites to hear that Southeast Austin is the number two region for fast-selling homes. Homes here sell in about 14 days. The low median home price of $197,000 could be what’s bringing buyers to the area. About 30% of Southeast Austin homes sell above asking price, however, only 10% of homes end up in multiple offer situations. The next hottest area for home sales is Northwest Austin. Homes here fetch a median price of $360,000, with 29% of homes selling above asking price. Buyers in Northwest Austin are more likely to face a multiple offer situation, since about 60% of homes face bidding wars. Overall, Northwest Austin homes stay on the market for less than two weeks.
So what makes South, Southeast, and Northwest Austin such popular areas to call home? Each region has its own unique characteristics that attract homebuyers. South Austin is known for its quirky vibe and mix of established neighborhoods like Travis Heights and fresh up-and-coming communities like The Laan Residences. Shopping, businesses, and restaurants are typically within walking distance of most homes. Southeast Austin is booming with some of the most affordable neighborhoods in the Austin area, including Bradshaw Crossing and McKinney Heights, all within a short drive of downtown Austin. Homeowners typically choose Northwest Austin for its established feel. Classic suburban neighborhoods like Anderson Mill and Balcones Woods have been standing since the 1970s. Great schools and proximity to major tech companies like IBM and Apple attract homeowners looking to live close to these amenities.
It’s not hard to see what makes homes in these areas the fastest-selling in Austin. If you’re interested in calling one of these areas home, our expert agents are ready to help you make the move. Curious to learn more about Austin area neighborhoods? Check out our Austin Neighborhoods Guide to browse over 1,800 neighborhood profiles. Contact us if you have questions about Austin real estate!