In particular, the 78733 ZIP code in the western Barton Creek area and the 78669 ZIP code in Spicewood experienced 30.15% and 30.7% median home price decreases, respectively, in July compared to the previous year.
Market-wide, the median home price was $915,000 in July, compared to $932,179 last July.
Diving in deeper
The Bee Cave area, 78738, carried local ZIP codes in terms of home sales again this July, totaling 62. The Lakeway and Hudson Bend area ZIP code, 78734, had the second-highest number of home sales, coming out to 25.
While home prices were down in the western Barton Creek area, home sales increased 140% year over year in July, jumping from 5 in 2023 to 12 in 2024.
What else?
There were 93 homes market-wide sold for over $900,000 in July, the majority of which were located in the Bee Cave and Westlake areas.
Additionally, homes in three ZIP codes for the Spicewood, Steiner Ranch and the Lakeway areas were on the market for longer this July compared to the previous year, while homes in the remaining five ZIP codes sold faster.
Zooming out
On average, homes across the market took longer to sell, with the average days on market for all ZIP codes sitting at 64 days this July, compared to 52 days in 2023.
This aligns with an increase in months of inventory across the market. Months of inventory is a term used to describe how long it would take for the amount of homes on the market to be sold, according to the National Association of Realtors.
Six months of inventory indicates properties may slowly become more valuable over time, while less than six months may mean home prices are rising more rapidly, per the NAR. For the Lake Travis-Westlake market, inventory jumped from 6.2 in 2023 to 7.8 in 2024.
The following includes other real estate factors for the entire Lake Travis-Westlake market in July:
New home listings in the market:
- 2023: 269
- 2024: 273
- 2023: 179
- 2024: 163
- 2023: 939
- 2024: 1,194
- 2023: $369
- 2024: $373
