5 real estate trends to know in Northwest Austin

Housing costs continue to rise for Northwest Austin residents, whether they are renting or buying. Here are five things to know about the local real estate market.

1.  Since June 2016, Apartment rent has increased 1.3 percent




Northwest Austin saw a 1.3 percent increase in apartment rental rates over the past year, according to data collected by Apartment Data Services.

The average rent in the area was $1,149 per month in June, which was less than the city average of $1,223. Area rent has increased $15 since June 2016. Historically the northwest area has seen far greater increases in rent prices: In 2016 there was a 5.7 percent increase, and in 2015 there was a 8.4 percent increase.

Dave Sorter content and communications manager Axiometrics, which also collects apartment market data, said even with the smaller increase in rent, Northwest Austin outperformed the Austin-area, which saw a 0.3 percent increase in rent. Several properties in the area are also being rehabilitated, Sorter said, and when work is complete, the average rent in the area should rise.




2.  Homes spend less time on the market than other areas in the region



3.  Values appreciated faster than the rest of the Austin area


Homes in Northwest Austin are becoming more valuable at a faster rate than the average of the entire Austin area, according to data collected by Realty Austin.

The median price for an average three-bedroom home in Northwest Austin was $418,125 in June, and Austin’s median home price was $412,750. In 2015, Northwest Austin was much more affordable than the city of Austin, according to Realty Austin: The average home price in January 2015 was $274,200 in the northwest area, and it was $318,000 in Austin.

Demand is also fueling appreciation as people move to the outskirts of Austin, said Romeo Manzanilla, northwest market manager for Realty Austin.




Anderson Mill Homes in the Anderson Mill area are still the most affordable.[/caption]

4.  North Austin has the most affordable homes 


Jamestown, Rutland Village and Quail Creek have the most affordable homes on the Northwest Austin market, according to Realty Austin. Homes in these areas were on the market for as low as $160,000 in June.

Neighborhoods near Anderson Mill—including Wooten Village, Village at Anderson Mill and Anderson Mill Village—were the next most affordable neighborhoods with homes selling for prices as low as $169,000-$209,000.

The most expensive neighborhoods were Great Hills, Jester Estates, Lakewood Park, Spicewood at Bull Creek and Laurel Canyon. Homes in these neighborhoods are on the market for $799,000-$1,365,000.

Romeo Manzanilla, northwest market manager for Realty Austin, said the area’s affordability mostly depends on location. The area’s more expensive neighborhoods are more valuable because they are located next to destinations such as Spicewood Springs, Westlake and downtown Austin.




5.  It takes a $23-an-hour salary to afford a 2-bedroom unit


A report by the National Low Income Housing Coalition found that to afford a two-bedroom rental apartment, Austin-area residents need to earn $23 an hour. That is $47,840 per year in income, or more than three times the state’s minimum wage of $7.25. The average area rent is $1,195 a month for a two-bedroom apartment.
SHARE THIS STORY


MOST RECENT

Courtesy Desk Plants
Austin-based company selling hard-to-kill plants opening holiday shop at Domain Northside

Holiday shop selling potted plants opens in Domain Northside

Vegetable chow mein ($9.99)
Limbu makes a traditional Chinese dish made from egg noodles with a Nepali street-style sauce. (Iain Oldman/Community Impact Newspaper)
Northwest Austin eatery features a taste of the Himalayas

Northwest Austin eatery features a taste of the Himalayas

The Broadmoor Campus is proposed to have a new MetroRail station. (Rendering courtesy Brandywine Realty Trust)
City to work with Capital Metro on financing new Broadmoor and McKalla Place rail stations as development boom looms

Austin City Council expects the new Austin FC stadium and massive mixed-use development planned for McKalla Place and the Broadmoor Campus to result in heightened demand for public transit.

The Atlas 14 rainfall study found Austin to be at a much higher flood risk than previously understood.
Acknowledging expanded risk, Austin moves to prohibit additional density in city’s flood-prone areas

A recent federal flood risk study found Austin's flood risk to be significantly higher than previously understood.

The city of Austin authorized the purchase of a Rodeway Inn at 2711 S. I-35 on Nov. 14. The city plans to convert the property into a homeless shelter. (Olivia Aldridge/Community Impact Newspaper)
City Council green lights $8 million Rodeway Inn plan for homeless shelter transition, vows to address crime in the area

South Austin neighbors raised concerns that criminal activity in the area will put homeless individuals who enter the shelter at risk.

Lady Bird Lake at Congress Avenue in Austin. Since late July, parts of the lake have been off limits due to high concentrations of toxic "blue-green" algae. (Courtesy Miguel Gutierrez Jr./The Texas Tribune)
Toxic algae blooms are becoming more common, scientists say

Months have passed, but the capital city still has signs up warning of ongoing dangerous conditions in Lady Bird Lake.

Community members examine updated zoning maps at land development code town hall in October.
Land development code rewrite heads to City Council for final approval, marking home stretch of nearly 7-year process

Austin's long-awaited land development code rewrite is heading to City Council for final approval.

Crews work on updating a section of I-35 in Central Texas (Courtesy TxDOT)
Central Texas transportation agencies investing millions in I-35 for new lanes, intersection improvements aimed at aiding mobility

About 20 miles of I-35 through Central Texas will see an infusion of $400 million in state and federal funding to add one to two additional lanes in an effort to improve mobility.

(Iain Oldman/Community Impact Newspaper)
Round Rock, Austin locations of Catch Air to become PlayMazing Indoor Play & Party

Both Catch Air Round Rock, located at 1401 South IH-35, Ste. 130, and Catch Air Austin, located at 13450 Hwy. 183 Ste. 107, will be renamed PlayMazing Austin and PlayMazing Round Rock on Nov. 15.

St. David's HealthCare is the founding partner with Two Oak Ventures, the ownership group of Austin FC. (Courtesy Austin FC, STG Design)
Austin FC to locate $45M training facility at mixed-use Parmer Innovation Center in Northeast Austin

Austin FC announces $45 million training facility to be located in Northeast Austin at new development

Back to top