Real Estate Market Trends For: Hyde Park
Introduction: The area known as Hyde Park is one of Austin’s beloved historic neighborhoods with homes well over 100 years in age. The original plat maps date back to 1891 but the neighborhood did not really take off until the 1920s through the 30s. During this building boom the majority of homes were of a traditional bungalow design and of modest size.
Since that early boom, Hyde Park has remained an area of predominantly upper-middle class homeowners. One can understand the reason for higher home values when you consider that Hyde Park is less than three miles to downtown. Typical home prices are around $325,000 to $380,000 or $230 to $306 per square foot of living area. The area is seeing incredible demand and appreciation, but the small size of the homes is not always well suited to the type of buyers that are interested in living here. As such, we’ve seen several old homes torn down or updated to reveal new structures well over 4,000sqft in living area.
The neighborhood is also within walking distance to the University of Texas. This makes it a prime location for students and faculty who want to enjoy the beautiful tree-lines streets, yet be minutes from all the action. As with most areas in close proximity to colleges, the local businesses range from pubs and pizza shops to more boutique and high-end shopping up and down “the strip”. It really give Hyde Park a certain charm that you cannot find anywhere else in Austin.
Inventory and Sales: This housing market has great liquidity with a strong demand for homes due to its central location. Sales volume for the year is approximately 16% higher than the previous year and inventory remains right below four months total. Correctly priced homes in this market typically sell in less than 30 days.
Distressed Sales and Listings: Distressed sales are fairly uncommon in Hyde Park, although there have been a few; the number remains well below the market affecting threshold of 10%. Current homes for sale range in asking price from $220,000 up to $899,000. Obviously there is big difference between selling an older home without updates, and a newer, larger home with all the bells and whistle.
New Homes and Construction: New home metrics are a bit deceiving within this market because of the Historic designation of many of the homes. It can be quite costly and sometimes impossible to build new where a home currently stands. Instead, many builders will use part of the original structure to expand the home. Often times these properties are not listed as new construction, even though as much as 80% of the home may be renovated or newly built.
Overall Market Conditions: The market conditions for Hyde Park remain strong with increasing median sales prices, new high sales prices, and low days on market. As demand for housing in and around Austin continue to grow, Hyde Park will remain a neighborhood high on anyone’s list of places to live.
This report was created utilizing data from the Austin MLS system, as input by local Austin Realtors. This report should be considered a “Macro View” of the market. Only single family housing trends have been analyzed and while they represent the majority of real estate sales in the market area, this report should not be considered all encompassing. If you would like a more precise analysis of a specific segment within this market area, feel free to give us a call!