ZIP Code Analysis According to Observed Growth Rate
The Austin housing market is doing better than ever despite a declining nationwide economy. Home prices continue to set records, and the local economy is flourishing. People are looking for homes and properties further out from the central city.
With a population growth of 53,301 over a one-year period, the Austin Metro area is one of the fastest-growing cities in the US. This type of growth warrants a surge in the housing market. One question stands: “Where?”
With the Austin real estate market so volatile, it is necessary to identify which parts of Austin carry and lack demand. All distinct areas of Austin must be analyzed thoroughly. Using data provided by the Austin Board of Realtors, we ranked the fastest-growing ZIP codes in hopes of giving some insight.
This ZIP code is adjacent to Route 360, home to Austin’s most prospective jobs and prettiest views. This extremely family-friendly neighborhood allows for access to a premier education, located snugly within the boundaries of the highly coveted Eanes ISD. Far West Blvd is in the area, meaning dining, shopping, and more forms of entertainment are all easily accessible. The lavish hilltop homes in this area allow for one of the consistently best views in Austin – all the time.
Home prices in this area rank 2nd in overall most expensive in Austin when ranked by the median price, sitting at just under 1.4 million dollars per property and $427 per square foot, according to the Austin Board of Realtors. This ZIP code has undergone an exceptional growth in value recently. The year-over-year growth percentage for the median price of housing in this area is an astonishing 65.6%. All factors considered, it is no surprise that this ZIP code places in the foremost.
Situated in the dead center of Bastrop, 78602 is home to 3 major state highways and I-95. Commuting from Bastrop to Austin is a reasonable option, with trip times spanning well under an hour. Bastrop is considered by many to be Austin’s next frontier and is directly benefiting from Austin’s growth as a region. In addition to tech jobs and corporations popping up in Austin, downtown Bastrop recently received a building renovation from the Art Institute of Austin. Offering degrees in design, media, culinary arts, and fashion, this new location serves as a beacon for those who balked at the elevated costs of living associated with Austin.
Home prices in this ZIP code sit below well within the bottom half of the most expensive ZIP codes. At a median home price of $435k, 78602 is the perfect affordable housing option. This ZIP code has gone through some substantial growth since the start of the year, with a Median YoY growth of 52%. Leading the Austin area in # of closed sales, 78602 has one of the hottest local housing markets.
A hop, skip, and a jump across the 360 bridge from our top ZIP code lies 78731. For many reasons are homes in this ZIP code a hot commodity. This hilltop zipcode shares most of the same benefits as its next-door neighbor, 78730.
The median price of properties in this ZIP code is just over $1 million. This is more affordable than 78730, but the price in proportion to living space may not be, at $523/sqft. 78731 is a fast-growing ZIP code, with a year-over-year growth percentage of 51.7% in median price just this year. The sale price to list price ratio of properties in this area is one of the highest at 107.3%
This Jarrell ZIP code harbors many of the best options for housing with some of the most beautiful and best-priced homes in a wide radius. Commuting to Austin is simple as taking the southbound I-35. An incredibly fast-growing town, Jarrell’s local community is quickly expanding past expectations. With fun, rustic activities, and the many amenities that the Texas Hill Country offers, Jarrell homeowners are truly getting the bang for their buck.
The median price of properties in this ZIP code is a very reasonable $331k. This is one of the most affordable ZIP codes on this list and has a price-to-square footage ratio of under $200/sqft. 76537 has one of the loftiest growth rates on this entire list. This area’s dollar volume and home price values soar higher than ever, with YoY returns topping 40% according to all measurements.
Bordering both I-35 and the toll section of SH-183, 78741 is located near one of the most desirable areas of downtown Austin. Living in 78741 means you are within walking distance of many of Austin’s most desirable novelties.
The median home price in this area is $517k. This price is competitive with many areas not in direct proximity to downtown Austin. For those looking to move downtown, this could be the best option. 78741 has a steadily high growth rate in housing prices. With a 55.9% YoY growth in the average price and 47.7% YoY in median price, this area trounces others as an investment option.
This Liberty Hill ZIP code is one of many other distant cities whose housing market is gaining traction. Populated mainly by small families, highlights of this zipcode include its education and job opportunities. Most of the high-density job locations are accessible by commute from this area.
The median price of homes in this area is $510k. The local market is fast-paced and live. There are a plethora of new listings being constantly updated. 78642 has seen some incredible growth in the past few months. The YoY growth percentage in median price is 46.7% and is consistent with price/sqft growth and larger than the growth in average price.
This Elgin ZIP code is another distant city with unexpectedly quick growth in its local housing market. Elgin, along with neighboring areas, has seen much traction, but due to its distance from the central city, needs further expansion in terms of amenities from the Austin Metro. Nevertheless, it is still plausible to commute downtown for work and entertainment.
At a median price of $352k, Elgin is a reasonably affordable place to live. While volume remains low, it can be explained by Austin’s high demand and consequent fast-paced sales. 78621’s median price has grown 40.8% year over year while average prices rose by close to 50%. Pricing by living area is sure to follow from its current $226/sqft.
Steiner Ranch is praised for its outstanding amenities and beautiful landscape by homeowners in the area. It’s a great place to start a family with its great education opportunities and indubitably safe neighborhoods.
The median price of housing in 78732 is just over $1 million. Demand in the local market is high, and new homes are available daily. The median price for 78732 has risen 36.4% year over year, compared to a 34% increase in price/sqft and 40.2% in average price.
This Leander ZIP code has one of the highest volume markets on this list with dozens of new listings posted daily. With beautiful homes at reasonable prices, Leander is an extremely well-rounded option for incoming Austinites.
The median price of housing in 78645 is $511k. This pricing is competitive with many neighboring ZIP codes, and the many amenities Leander offers serve as a bonus. 78645’s median price has grown 36.2% year over year, which is a larger rate than which the price/sqft increased. (29.9% year over year to a rate of 309/sqft)
The 78744 neighborhood offers some of the most affordable housing options in downtown Austin. With a wide range of attractions and even a state park, 78744 is an all-around option.
The median price for this ZIP code is $473k. This number is well below the median price for housing options in the surrounding area but is growing alarmingly quickly. The dollar volume of the local housing market in 78744 has grown an astonishing 80% year over year, with the median housing price sitting at a 35.2% growth year over year.