Real estate
BY HALEY MCLEOD
Home Edition
2024
Readers, welcome to your annual CI Home Edition! This guide features news ranging from key real estate trends and new developments unique to your neighborhood to an overview of the housing industry across Texas. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. From Denise: Over the last few years, we have seen the real estate market ebb and flow, and it’s hard to predict what the future holds. But, what we do know, is more people have moved into the Williamson County area within that time and it doesn’t seem to be slowing down any time soon. In this edition, we talk about the nightmares some residential pool owners have been facing due to a defect in concrete mixtures and what actions they are forced to take. We also give an update on a $418 million settlement that will change the way homes are bought and sold. Whether you are a current homeowner or looking to put down long term roots soon here in Williamson County, I hope you find our annual home edition useful and informative.
What's inside
Lawsuit results in changing rules around home buying, selling (Page 27)
Denise Seiler General Manager dseiler@ communityimpact.com
Experts speak to rise in solar panel installation across Central Texas (Page 29)
Lot size requirements change under Austin's HOME initiative (Page 32)
Central Texas sees decline in home valuations as market slows Homeowners are able to challenge their appraisal valuations annually by filing a protest with their county appraisal district, the deadline for which was May 15. Median Central Texas appraised home values Travis County Williamson County
This year’s release of data from Central Texas appraisal districts indicated that average appraisal values for residential properties are lower than in recent years. The overview The median value of residential homes in Williamson County for 2024 is $412,310, a small drop from the $414,869 seen in 2023, but a 12.9% drop from $473,325 in 2022. “Values have definitely come down,” Chief Appraiser Alvin Lankford of the Williamson Central Appraisal District said during an update to Commis- sioners Court on June 4. “Mainly, [it’s] because the increase in interest rates slowed the market down, but also because builders aren’t constructing as many homes as prior years.” According to a news release from the Travis Central Appraisal District, the median market value for residential properties in Travis County in 2024 is $551,419, representing a 12.8% decline since 2022. Market values don’t directly result in a change in property tax bills, the release said. Instead, these values help decide a property owner’s portion of the total tax levy. The total tax amount is based on the budgets set by local governments, such as cities, counties and school districts.
A total of 186,206 individual protests were filed in Travis County and over 82,300 were filed in Williamson County. Each appraisal district reviews filings and evidence submitted, typically issuing a settlement. If a settlement is not accepted, a formal hearing will be scheduled. While sales and property values have stabilized since 2022, residents can expect to continue to see an annual increase of 10% to their property’s tax value, Lankford said, explaining that the increase will continue until a home’s market value and taxable value align, per state tax code. As of 2024, the total market value for Williamson County is roughly $171 billion, while the total taxable value is approximately $133 billion. What else? Clare Knapp, local housing economist with the Austin Board of Realtors, also predicts interest rates will remain flat for the rest of the year. “I don’t think that we’re going to see any significant movements in rates, especially over
$750K
$551,419
$632,208
$625K
$500K
$375K
$250K
$473,325
$412,310
$125K
$0
SOURCES: TRAVIS CENTRAL APPRAISAL DISTRICT, WILLIAMSON CENTRAL APPRAISAL DISTRICT/COMMUNITY IMPACT
this year or even moving into 2025. ... If you’re a first-time buyer waiting on the sidelines now, well, you’re missing out on building wealth, too,” Knapp said.
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CEDAR PARK - FAR NORTHWEST AUSTIN EDITION
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