The median home price for new and existing residential properties surrounding Belterra Village is increasing at a rate of 11 percent year over year—one of the highest percentages in the Austin-area, Austin Board of Realtors President Steve Crorey said.

Limited space in urban areas is dampening explosive growth in the city center, he said, pushing the rapid growth to the outskirts of the city where land is available. With the addition of amenities from the Belterra Village development the demand for homes in neighboring communities has skyrocketed, he said.

“Hwy. 290 is a high-growth area far from the city core,” Crorey said. “There’s been a vast need for amenities close by­—shopping, retail, movie theaters and more.”

Belterra, the 1,600-acre master-planned community surrounding Belterra Village, has introduced 5,000 new residents to the area since 2003.

“In the early stages [of the Belterra community], residents weren’t close to doctors, retail or movie theaters,” Crorey said. “Now suddenly homes in this area have become even more desirable because there’s more things to do close by.”

The Endeavor Real Estate Group—the team behind Belterra Village—first announced the project in May 2015. Since then tenants, including Sky Cinemas, Hat Creek Burger Co., The League Kitchen & Tavern, Torchy’s Tacos, The Switch, Serasana Wellness and more, have opened their doors. This has increased demand for residential real estate along the entire Hwy. 290 corridor, Crorey said.

“[The Belterra Village development] really changed the mix out there,” he said. “People no longer have to drive to Dripping Springs or the Y at Oak Hill for retail and development options.”

Austin is no stranger to growth. Home prices and property values are rising throughout Travis, Hays and Williamson counties, with year over year monthly growth anywhere from 5-11 percent. “Normalized” year over year monthly growth is much lower—2 to 3 percent per year, Crorey said.

Historically as more residential product is built home prices drop. But the demand in this area is so high that there is currently a positive effect on values for the foreseeable future, Crorey said. This is good for sellers, he said, as value is continuing to rise. For potential homebuyers Crorey said now is the time to buy.

“The Austin market is showing 2018 and 2019 to be on par with more growth, more demand and more desirability for our city,” Crorey said.