Median Home Sales Prices Increase in Cedar Creek Area in April
The real estate market in the Cedar Creek area is showing signs of health as median home sales prices increased in April, according to the latest real estate data.
Outlook of the Housing Market
The housing market for the Bastrop area, which includes Cedar Creek, witnessed 83 residential property sales in April 2024. Data gathered from the Austin Board of Realtors reveals that most of these homes fell within the $300,000 to $499,999 price range. Interestingly, the 78602 ZIP code accounted for 69 of these sales, alongside 14 home sales in the 78612 ZIP code.
Median Home Sales Price
A further breakdown of the figures shows that the median home sale price in the 78602 ZIP code reached an astounding $360,000. Consistent with the trend in this area, median home prices in the 78612 ZIP code also experienced an year over year increase to $487,498.
Time on the Market
The time homes spent on the market before sale also differed significantly between the two ZIP codes. Homes listed within the 78602 ZIP code were typically sold after an average of 71 days on the market. Meanwhile, homes within the 78612 ZIP code waited for nearly thrice as long on the market, being sold after an average of 216 days.
Implications for Current and Prospective Homeowners
The recent increment in median home sales prices in the Bastrop area, including Cedar Creek, serves as an encouraging economic indicator, being indicative of buyers’ purchasing power and a healthy housing market.
For prospective buyers, however, the rise in home prices might pose an increased barrier to secure affordable housing. Similarly, the longer turnover time in the 78612 ZIP code could indicate a lower demand in that region or a desire for lower-priced homes.
Keeping an Eye on the Market
Whether one is considering buying a new home, or is looking to sell a home in Cedar Creek or the Bastrop area, they’ll need to keep a close eye on these market trends.
Future real estate market data will show whether the recent increase in median home prices will continue, or if the longer sales time in the 78612 ZIP code will affect potential buyers’ interest in vacant properties in the region, thereby shaping the future economic health and home values within the Bastrop and Cedar Creek areas.