The Under $350K House in Austin Metro Area is Back!
It’s been a couple of years since I’ve seen good quality, move-in-ready homes selling for under $350K in the Austin area. That has now changed. In the past week I just listed two wonderful move-in-ready homes for under $320K. One is a 3 bedroom, 2 bath in NW Austin, close to Westwood High School, with $50K in recent upgrades including HVAC, Hardi siding, windows and flooring. The other is a 3 bedroom, 2 bath, 1787 sq. foot home in Round Rock recently built in 2014.
Looking at the chart you can see how many more single-family homes are now selling for under $350K. The quality of those homes is also much higher. A year ago, most sub $350K houses were distressed properties needing a lot of work. Now, many of these are in great shape and either newer or updated.
Some buyers have told me they’re waiting for rates to drop before buying. That feels like a mistake with these prices. As soon as rates start dropping, coupled with the 20% average wage increase over the past 4 years, home prices should rise quickly. Buyers that locked into these lower prices can always refinance if rates drop but will not always have the benefit of the lowest home prices they’ll probably see in their lifetimes.
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