Bidding Wars
These are the most competitive Austin neighborhoods for buying a home
The Austin real estate market is hot, and pretty competitive, according to an annual report from Redfin that pinpoints the Austin areas where buying and selling is as intense as a full-contact sport.
To gauge the competitiveness in each neighborhood, Redfin looked at seven factors ranging from how long a listing stayed on the market to the percentage of listings that sold above the asking price. The data reflects sales of condos, single-family homes, and townhomes in 2015.
In Austin, the three most competitive neighborhoods were South Lamar, Southeast Austin, and Northwest Austin.
South Lamar was the most competitive in the city. Thirty-one percent of the listings sold above the asking price, pushing the median sale price up to $292,500. Redfin reports that 52 percent of Redfin offers in this area experienced bidding wars, and 31 percent of home offers in South Lamar were all cash.
Homes in Northwest Austin sold at the highest median price: $360,000 a pop. About 29 percent of these abodes sold above asking price, and 59 percent of the offers through Redfin were competing with other bidders. In Southeast Austin, 30 percent of homes sold above the asking price. The median home price was only $197,000, and 10 percent of Redfin offers experienced bidding wars.
In all three neighborhoods, homes sold at a lightning-fast rate of two weeks or less on average.
The 30 most competitive neighborhoods of 2015 were found in four cities: Boston, Portland, San Francisco, and Seattle.
