One goal of the Mueller Development is to be a mixed-income neighborhood, and I recently got a comment from KC on a previous post asking where all of the homes in the $400,000 – $550,000 range were? The short answer is that they’re lived in right now, not being built.
So that price point for the time being is dominated by the resale market, which has the low supply typical of a young neighborhood. I did some analysis on 2010 sales in the Austin Multiple Listing System, and produced the chart on the right. This data doesn’t capture all of the sales, but is a good proxy for the overall market.
Right now, homes are being built to plug the affordability gap (broadly above $170,000 and below $300,000), and the bulk of home sales was sold under $500,000. Condos sold at the start of this year at the Greenway Lofts will even the spread of homes out a little under $300,000 too. Over 35 new homes in the Affordable Program are being built right now which provide ownership opportunities under 80% of the Austin Median Family income.
So it appears that the neighborhood is living up to the goal of providing mixed-income housing. Though there was a noticeable lack of homes in the $500,000 -$800,000 range last year which is to be expected with less demand at that price range.
Garreth Wilcock is a Realtor in Mueller Austin TX. Call +1 (512) 829-1351 to talk more about buying your next home here, or ask a question in the comment section below.