Homes in 78746 Now Average over $1 Million

West lake hills

Homes in the 78746 area code, one of the wealthiest zip codes in the Austin region, now average well over a million dollars, with the most recent Austin Board of Realtors® Local Market Report showing an average price for single-family homes of $1,165,984 for the month of April 2017 and $1,301,304 for year to date. This is a year over year increase of 3.4 percent and 15.7 percent, respectively.

Median price looks to be next at cracking the million dollar point, with the median price for a single-family home coming in at $882,500 for the month of April 2017 and coming in at $992,500 year to date. This is an increase of 4.6 percent comparing April 2017 to April 2016, and it is a whopping 22.2 percent increase in a year to date comparison.

New construction prices for single-family homes, although a small sample, were even higher, with average and median price coming in at $2,370,500 for the month of April. Year to date, the average price was $2,186,357, and the median price was $2,370,500.

Dollar volume for the month of April 2017 for all closed sales was $43,919,359, a year over year increase of 22.9 percent. Dollar volume year to date for all closed sales was $139,458,916, an increase of an incredible 33.4 percent compared to the same time period last year. The data is based on a total of 121 sales so far this year and 41 sales for April 2017. The large dollar volume increase might signal a strong selling season, as inventories for single-family homes are comfortable, at about a 5.5 month supply thus far for the year.