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 North-Northwest Austin’s Annual Home Edition on Page 22 addresses the HOME initiative, a multi-phase proposal originally brought forth by Austin City Council member Leslie Pool of District 7. “HOME” is City Council’s plan to address affordability by updating Austin’s land development code to allow denser and more varied housing. Top of mind for local Realtors is a recent settlement with the National Association of Realtors, which alters the way compensation is presented for agents. Read more about how this might impact home prices and the selling process on Page 18. Another top story on Page 19 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 find the coverage useful.
What's inside
More qualify for affordable housing as threshold rises (Page 17)
Taylor Caranfa Stover General Manager tstover@ communityimpact.com
Central Texas Pool owners sue over costly construction error (Page 19)
BBQ Outfitters offers grilling supplies, installation in Austin area (Page 24)
Central Texas home valuations decline as market slows Homeowners are able to challenge their appraisal valuations annually by filing 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 definitely 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 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 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 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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NORTH - NORTHWEST AUSTIN EDITION
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