Median price for homes in Austin and Westlake’s desirable 78746 zip code reached $1,084,000 in May 2017, a 19.1 percent increase compared to May 2016. Average price saw a smaller increase – at only 0.1 percent – but a higher overall price at $1,204,642.
Year to date the average price of a Westlake area home is $1,156,271, a 7.8 percent increase over this time period last year, and the median price is $875,000, a 10.8 percent increase over this time period last year.
Notably, for the year to date, there have been 171 home sales in 78746, a 14.8 percent increase compared to the same time frame last year, with total dollar volume up a large 23.7 percent for a total of $197,722,303.
Homes in 78746 were on the market 43 days for the month of May 2017 and 67 days for the year to date. Price per square foot for the year is $333, an increase of 7.9 percent over this time period in 2016.
New construction, which is limited in the Westlake area, almost doubled to a total dollar volume of $16,435,000, an increase of 96.1 percent. New construction homes sold year to date for an average of $1,826,111, an increase of 53.5 percent, and with a median price of $1,835,000, an incredible 122.4% increase compared to this time frame last year.
Condominiums remain the most affordable entry into Westlake’s 78746 zip code, with the average price of a condo year to date at $559,571, and the median price of a condo year to date at $447,250.