There’s some great news if your plans for the coming year include building a new home in one of the hottest areas of Texas. Recently released data show that home prices in the Round Rock/Georgetown zip codes, just north of Austin, are trending downward. The master-planned community of MorningStar is located smack dab in the middle of this little piece of Hill Country heaven!
According to a recent report from the news service Axios, new Zillow data shows a slight cooling of the housing marketing in Central Texas. Here’s why this matters if you want to live in one of the most desirable areas of Texas?
Axios reports, “People who were priced out during the pandemic may have more options now, but they will likely have to compromise on features, location, and mortgage payments.
“Here’s the big picture. The demand for houses outpaced supply at the height of the COVID-19 pandemic. The hype around the housing market, paired with supply chain disruptions, drove up prices even more.
“Zillow data shows that average home prices decreased by more than 6% in some of Austin’s northern suburbs between July and October.”
Highlights from the reporting suggest an excellent opportunity for potential homebuyers who have good credit and funding for a down payment.
- Homes in ZIP codes such 78613, which includes Cedar Park, Georgetown and Round Rock saw the biggest drop in prices.
- The average price in that ZIP code in October was around $561,000 — 6.6% lower than in July.
The Austin Area Remains Hot
The Zillow report notes that in the greater Austin area, prices have dropped by about 14% from the peak in May, going from a median of $560,000 to $480,000 in October.
Click here to view an interactive graphic, illustrating how the prices have changed in the Austin Metro area.
Of course, the demand in the sizzling area of Central Texas led to a spike in average home price between July and October. “The largest increases were east-southeast of Austin, in areas to the north and south of Bastrop. The typical home in the 78662 ZIP code, southeast of Austin, was $529,000 in October — almost 5.2% higher than in July.”
The Quality of Life in MorningStar Has Made It a Success Story
By any calculation, MorningStar has become one of the hottest master-planned communities in the country. Its location, just north of Austin, surrounded by the legendary Texas Hill Country terrain, makes it a perfect place for knowledge workers in the technology sector to call home. Plus, the state-of-the-art mass transit system makes a commute to offices, sporting events, entertainment and the airport a breeze.
The schools in the Liberty Hill school district, which serve MorningStar families, are exemplary, and the resort-style amenities, and manicured common areas of this community are stunning. However, the low-key vibe of MorningStar, with friendly neighbors and quiet surroundings make it an excellent place to relax and recharge.
Now Might be the Perfect Time
The prices for new homes in the Georgetown-Round Rock-Leander area will always fluctuate. However, savvy home buyers know that this might be the perfect time to explore life in MorningStar. Click here and come see what your future looks like.