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. The lead story in our Annual Home edition addresses the phenomenon of “concrete cancer” in pools. We are proud of our reporting on this ongoing situation, as it is devastating homeowners and businesses alike. We hope you nd the coverage useful.
Premium sponsor:
Taylor Caranfa Stover General Manager tstover@ communityimpact.com
Belmont Village Senior Living BelmontVillage.com/Austin 844 225 7788
Best-in-class care and luxury hospitality are at your ngertips at Belmont Village Senior Living.
What's inside
Experts provide solutions to landscaping problems (Page 19)
Over 5M Texans vulnerable to ooding, report nds (Page 24)
Solar panel industry on the rise in Texas (Page 33)
Sponsor: Wurzel Builders Custom Homes
Central Texas home valuations decline as market slows Homeowners are able to challenge their appraisal valuations annually by ling a protest with their county’s appraisal district, the deadline for which was May 15. Central Texas appraised home values Travis County
This year’s release of appraisal valuations from the Travis Central Appraisal District indicated the overall average appraisal values for residential properties are lower than in recent years. The overview “Values have de nitely come down,” Chief Appraiser Alvin Lankford of the Williamson County Central Appraisal District said during an update to commissioners 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. 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. 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.
Williamson County
A total of 186,206 individual protests were led in Travis County and over 82,300 were led in Williamson County. Each appraisal district reviews lings 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 the market value and the taxable value align, per state tax code. As of 2024, the total market value for Travis County is roughly $488 billion, an increase of 5.8% year over year. What else? Clare Knapp, local housing economist with the Austin Board of Realtors, also predicts interest rates will remain at for the rest of the year. “I don’t think that we’re going to see any signi cant 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 rst-time buyer waiting on the sidelines now, well, you’re missing out on building wealth, too,” Knapp said.
17
LAKE TRAVIS WESTLAKE EDITION
Powered by FlippingBook