Wednesday, February 06, 2019 / by Holly Northup
Written by The Bucher Group
The Austin-area is by far one of the HOTTEST real estate markets in the country. But, what neighborhoods are the hottest in Austin? Here's a look at the three of the most desirable Austin neighborhoods – as found on Redfin’s Hottest Neighborhoods of 2019.
Nestled just north of downtown Austin, east of MoPac highway, Rosedale is a highly-desirable spot to put down roots. Coming in as the priciest Austin neighborhood on the list, Rosedale’s median sale price is $675,000. Homes in this area sit on the market a median of 35 days and sell 8.3 percent above list price.
Riverside, just south of the city on Lady Bird Lake, offers much lower prices than that of Rosedale. Homes in the neighborhood have a median sale price of $406,500, sit on the market for around 43 days and sell for around seven percent above list price.
It is no surprise that home prices decrease as you venture further away from downtown. Coming in as the most affordable Austin neighborhood on the list is Northwest Austin. As defined by Redfin, this area is situated from around the Arboretum to RM620 to the west and almost Parmer lane to the north. In this hot neighborhood, homes sell for around $325,550, are on the market for a short 29 days and sell 22 percent above asking price.
According to Redfin, these neighborhoods are poised to become "some of the most desirable places in the country."
How do these neighborhoods stack up to the entire Austin-area? Let’s take a look at the recent real estate market statistics to find out:
- 2,370 home sales - an 11 percent decrease
- $884 million in sales dollar volume – an 11 percent decrease
- $305,000 median home sales price - a one percent decrease
- 1,684 new listings – a two percent increase
- 5,813 active listings – a 12 percent increase
- 1,955 pending sales – a three percent increase
- 2.3 months of inventory indicates we are still in a seller's market
Statistics courtesy of the December 2018 Market Report from the Austin Board of REALTORS®.
Each of these neighborhoods are well over the median home sales price for the Austin-area. But, as a desirable neighborhood, that is expected.
Are you searching for a home in one of these areas? We’re here to help. Contact us today!