Far East Austin's hot streak continues. Realtor.com has named Daffan/Hornsby Bend one of the top five suburban hot spots among the country’s 50 largest metro areas.
Daffan/Hornsby Bend, the 78724 ZIP code specifically, is No. 4 on the list. Located east of Austin and bordered by U.S. 290 and Highway 183, the area features nearby amenities like Walter E. Long Lake and the Travis County Exposition Center, home to Rodeo Austin.
"Many first-time buyers are attracted to this up-and-coming area for the affordable housing and its close proximity to downtown Austin," notes Realtor.com. "A typical property within this 'burb spent 45 days on the market, 14 days less than the typical property in the study. The listing price of properties in this area grew 27.1 percent annually over the last three years, placing this neighborhood second on the list of ZIPs with the highest price growth in the Austin metro area."
To come up with its ranking, Realtor.com classified ZIP codes in the 50 largest metros as either suburban or urban, based on household densities. Suburbs then were ranked based on a combined score of household growth, listing price growth, and housing supply and demand. One ZIP code was included for each metro area.
“Fueled by escalating prices and demand in their surrounding urban areas, each ’burb on the list has become a hub for increasing prices, fast home sales, and tough competition among buyers,” Realtor.com says.
Suburbs in the Denver, Dallas-Fort Worth, and San Francisco metro areas topped the list. DFW's Wylie-St. Paul is No. 2 in the nation.
“Suburbs are traditionally viewed as meccas for young families, willing to trade in shorter commute times and urban nightlife for better schools and larger homes,” says Jonathan Smoke, chief economist at Realtor.com. “But the relationship between the suburbs and urban areas is far more intertwined. In recent years, rising home prices and inventory shortages in urban centers have made affordable suburban home prices more appealing for buyers.”