Real Estate Trends to Watch in Allandale

Allandale, TX is one of the best suburbs to invest in when it comes to relocating and choosing a new place to live. Not only is Austin one of the best up-and-coming cities in the entire country, but Allandale has the best of both worlds – it is less expensive, quieter, and contains more space than Austin, but it still remains close to all of the much-needed amenities!

Are you thinking of buying property in Allandale, TX? Look out for the latest trends to watch in Allandale to make a smart buying decision

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Before you can understand the real estate trends to watch in Allendale, you need to know the trends of the entire state of Texas. By analyzing the housing market in Texas as a whole – including the major cities of Houston, Dallas, and Austin – you can get an idea of what the housing prices are like, the number of houses for sale, and where you should look to buy. If you need further information, you can click here to learn more.

  • Compared to previous months, the housing sales in Texas have declined 0.9%, with the US fixed mortgage rate decreasing by nearly 3%.
  • The days on the market for the average house in Texas is around 27 days, compared to other more competitive markets where the house is only on the market for around 15-20 days.
  • Single-family construction homes have decreased in the entire state, falling a whopping 8% since the beginning of the summer in 2022. The possible reason for this is a lack of money due to the Covid-19 pandemic that is causing less desire to build during these tough economic times.
  • The total housing sales at the end of 2022 for the entire state of Texas has decreased just 1% since the beginning of the year, with the lower percentage typically the result of higher-priced homes that are making it harder to buy houses in the state.
  • Housing sales in all of the major Texas cities decreased, except for specific regions in North Texas.
  • The total average days on the market per house in the state fell to below 30 days – in Austin, the days on the market were 18 days, whereas the total days on the market in Houston came to 29 days.
  • The median home price in the entire state of Texas rose consistently throughout the entire year of 2022, coming to nearly a 17% increase since the beginning of the year. This shows that the housing demand is still high, but the houses are unable to sell due to higher prices.

Real estate trends to watch in Allandale

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Now that you know the basics of real estate trends in the entire state of Texas, you need to know how this can influence the trends in Allandale, TX. Allandale is a suburb of Austin – one of the fastest-growing metropolitan cities in the entire state. The suburb of Allandale has the best of both worlds, combining the eclectic city vibe of Austin with the laid-back suburban vibe.

  • Compared to this time last year (the fall of 2022), the median home prices are up nearly 14%. This shows that it is harder to buy houses and that the demand is still high, but the prices are constantly skyrocketing.
  • The average median home price in all panels comes out to just over $800K.
  • The homes in Allandale sell after 30 days – compared to last year in 2022, this has fallen by 7 days.
  • The average number of homes sold per month in Haldane, TX comes to 16 houses, which is up from below 10 houses per month last year.
  • In the middle of 2022, the average home price in Allandale skyrocketed to $900K – this same surge occurred in the fall of 2022 but has since decreased to $800K at the end of 2022. At the beginning of 2022, during the beginning of the pandemic, the price of houses in Haldane decreased to below $200K!
  • The market in Allandale is somewhat competitive compared to other Texas cities – when you are looking at real estate trends to watch in Allandale, this is something to keep an eye on. The Redfin analysis of the home competitiveness in this suburb comes to 65 out of 100, stating that some homes get multiple offers, whereas others only get 1-2 offers.
  • The average home sells for around 2-4% above the listing price and will usually sell within 30-33 days.
  • If the home has multiple offers and is going above the listing price, it can sell in less than 2 weeks!
  • The sale to list price has increased to 105.5%, which is 4% higher than last year in October of 2022. The sale to list price has consistently risen for the past 3 years, with the price coming in at just below 95% back in 2019.

Factors that can influence the real estate trends in Allandale

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  • The school system can influence the real estate trend in Allandale, TX. Some of the best schools in the local area include Brentwood Elementary School, Gullett Elementary School, and Lamar Middle School.
  • The climate impact on the housing in Allandale can significantly influence the real estate prices and trends. Fortunately for those who live in Allandale, TX, there is very little chance of flooding, with the majority of homes having no risk of flooding. However, there is a higher chance of having heart risk in some houses – the score of heat risk in Allandale, TX comes to 63 out of 100, which is considered high. Compared to East and North Austin, the risk of heat is the same.
  • The prevalence of public transportation can influence the real estate trends in Allandale, TX – unfortunately for this suburb, it is only considered somewhat walkable. Some stores, shops, schools, and areas are not considered to be easily walkable compared to other cities like Austin – the rate of walkability in this area comes to 53 out of 100, which could potentially negatively influence the real estate prices in Allandale.
  • Furthermore, the public transportation options in Allandale come to just 42 out of 100, which only classifies the surrounding area as having “some” transit options.

Conclusion

Are you considering moving to Allandale, TX? If so, you should try to stay up to date with the latest real estate trends in Allandale to see where you should buy, when you should buy, and the prices in the housing market in recent months. By understanding trends and patterns, you can figure out when is the best time to buy and when is the best time to wait.