Austin home sold prices 2010 compared to “pre recession” 2007
published on January 27, 2011
Wanting to know how your Austin neighborhood home sale prices have fared since prior to the recession? Are you looking to purchase a home in a stable neighborhood or in an Austin subdivision that has seen major price declines? You have come to the right place!
Year 2010 compared to 2009 within Austin city limits: Austin Texas has maintained a strong housing market relative to the rest of the U.S. since the recession began at the end of 2007. With a 2.38% increase in the median sold price per square foot, a 5.67% increase in median sold price (total dollars), and with the number of homes sold down 5.8% during 2010 compared to 2009, it appears that Austin has hit the bottom and should continue to slowly improve moving forward. Increasing employment (2% employment growth during 2010 compared to 2009 with 15,200 positions gained), low interest rates and low housing inventory (only a 1% increase in inventory during 4th quarter 2010 compared to 4th quarter 2007) within the Austin city limits seems to be a large contributing factor to the increased home sales prices during 2010.
Year 2010 compared to 2007 within Austin city limits: When comparing the city of Austin single-family home sold prices during the year 2007 to 2010, the average home sold price per square foot in the city of Austin has declined approximately 3.39% with home sold prices (total dollars) remaining almost the same ($315,281 during 2007 and $314,704 during 2010). The number of homes sold is down 26% from 10,831 homes sold during 2007 down to 7,997 during 2010. With the average unemployment rate in the Austin area averaging 3.62% during 2007 and 7.12% during 2010, it is encouraging that home prices have recovered but not surprising that the number of homes sold is down.
Year 2010 compared to 2007 by zip code: To give our customers a snapshot of the Austin housing market condition during 2010 compared to 2007 “prior to the recession”, we have populated a zip code map with the percentage change in average sold price per square foot comparing the year 2010 to 2007. Since the zip code map includes areas outside the city limits of Austin, the average price declines are slightly greater than the statistics for the area within the city limits of Austin only. The average home sold price per square foot in the city of Austin has declined approximately 8.27% with home sold prices (total dollars) almost the same during 2010 as 2007. Average prices declined as much as 40.18% representing the 78758 zip code and increased by as much as 4.39% representing the 78723 zip code. Very few areas avoided price per square foot declines. A few coveted areas also experienced price declines such as zip code areas 78746 (West Lake Hills), 78703 (Tarrytown), 78701 (Downtown), and the 78705 (UT campus) area. Below is a list of the zip codes organized starting with the largest % price declines and ending with those 6 zip codes that experienced price increases.
For buyers there are different angles to consider when deciding where to purchase their next home. On one hand buyers may find the best values where prices have dropped the most. On the other hand, buyers might consider purchasing a home where prices have been the most stable over the last few years. Either way, Austin continues to buck the national trends with continued growth and relative employment stability, which suggests long term demand for Austin homes for sale. According to Texas’ State Demographer, Austin Metropolitan Statistical Area (MSA) population will grow 33.9% between the years 2010-2020 from 1.7M to 2.92M. By the year 2040 the Austin MSA is projected to have a population of just less than 4M. That is over twice the size of the current Austin MSA! If the projections hold true, Austin homeowners should enjoy continued market stability and growth for years to come.
See press release for Local REALTOR® Releases Austin Texas Housing Price Changes Since Recession
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by top Austin Realtor® Brian Talley of Regent Property Group. The information contained herein is subject to errors, omissions and changes without notice. Any information, statistics, analytics, recommendations or opinions provided in this report are subject to errors and/or omissions and are not in any way guaranteed as accurate or reliable by Brian Talley or by Regent Property Group LLC.
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