E-RAE REALTY
  • HOME
  • BUY
  • SELL
  • INVEST
  • EXPLORE
  • BLOG
  • ABOUT
  • CONTACT
  • HOME
  • BUY
  • SELL
  • INVEST
  • EXPLORE
  • BLOG
  • ABOUT
  • CONTACT

Condo Appreciation in Central Austin

2/25/2019

0 Comments

 
Recently, I was showing a client of mine some condos in central Austin.  She was trying to decide between a condo in Clarksville and a condo in 78704, and she asked which area appreciated better.  From the seat of my pants, I speculated that 78704 condos have appreciated more than Clarksville condos.  This hypothesis was based on the fact that Clarksville condos have been pricier for some time, so it seemed logical that the 78704 condos would have appreciated more in the past ten years or so.
Picture
When I got home, I ran some numbers.  I looked at the median sales price annually from 2009-2019 for condos in the following central Austin zip codes:  78701, 78702, 78703, 78704, 78705, and 78751.  I then calculated the appreciation rate for condos in each zip code between 2009-2018.  The median sales price for 2019 would not have provided accurate data since we are only a few months in to 2019.

As I suspected, condos in 78704 appreciated more than condos in Clarksville (78703).  In fact, condos in 78704 had the highest appreciation rate out of all of the central Austin zip codes.  In 2008, the median sales price for condos in Austin’s 78704 zip code was just over $169k.  In 2018, that number shot up to $376K.  In 78704, we are seeing a lot of condo regimes.  A condo regime happens when a developer takes a traditional single family lot and constructs two new units on the lot.  Often times these units are not attached and live like single family homes.  However, they are technically condos and sell for much more than a traditional condo. Thus, I am not surprised by this appreciation rate.
Picture
In 78703, which consists of Tarrytown, Clarksville, and Old West Austin the median sales price for condos in 2009 was a little over $347K, compared to $460K in 2018.  Out of all the central Austin zip codes I looked at, 78703 had the lowest condo appreciation rate at just over 32%.

As would be expected, condos in East Austin appreciated well over the last 9 years. In 78702, the median sales price for condos in 2009 was about $168K.  Last year, that figure jumped to 325K.
​
Condos in downtown Austin appreciated about 78% between 2009-2018.  In comparison, condos in 78705, which encompasses the UT campus area, appreciated about 57%.
Picture
Overall, condos in central Austin have appreciated well.  If you talk to anyone who purchased a condo about 10 years ago, they will usually tell you one of two things, “I wish I bought more” or “I wish I hadn’t sold 5 years ago, even though I thought I was making a killing when I sold.” ​

If you are considering buying a condo in central Austin or are curious how much your condo is worth, contact me today.

Central Austin Condo Appreciation Video

0 Comments



Leave a Reply.

    BLOG

    Sharing Austin real estate updates, home owner tips, & more.

    Archives

    February 2023
    November 2022
    September 2022
    June 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    September 2021
    August 2021
    July 2021
    June 2021
    March 2021
    January 2021
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017

    Categories

    All
    ADUs
    Attractions & Events
    Buying A Home
    Condos
    Design
    Development
    Home Maintenance
    Investments
    Lake Austin
    Market Updates
    Neighborhoods
    Selling
    Short Term Rentals
    Westlake

All information provided is deemed reliable, but is not guaranteed and should be independently verified. 
​Please Note:  Texas law requires licensed agents to provide this Information About Brokerage Services

​
Licensed agents are also required to provide:  Texas Real Estate Commission Consumer Protection Notice