According to the new report, the median home price in the Lake Travis-Westlake area of $598,500 broke a record for the month of November and is the highest median price for any November on record for the area covering the ZIP codes 78669, 78726, 78730, 78732, 78733, 78734, 78735, 78738 and 78746.
A price class breakdown within the report shows homes sold that sold for $500,000 or more in November accounted for 48% of the total sales in the market.
Also of note, the median price of new single-family homes in the Lake Travis-Westlake area is up 5.1% from last November, at $599,000
“This time last year, we expected the housing market would slow, but that’s not been the case. We’re seeing very strong numbers for new homes across the board,” said Vaike O’Grady, Austin regional director for Metrostudy, a company that provides information on the housing market. “Because Austin is severely constrained, homebuilders are moving outward in search of lower land costs and development opportunity. The surrounding counties are going to continue to emerge with the current demand.”
