A Map Showing the Appreciation Rates for Different Areas of the Austin Real Estate Market
The stateman came out with a map which color codes the different areas of the Austin real estate market based on appreciation. The below map shows something that I have been talking about in several blogs. Namely the benefit of buying real estate close to the city center instead of farther out in the suburbs. The areas in green are those that had the highest appreciation over the last year.
Why does real estate in the central city generally do better? Basically the supply is fixed so when demand goes up prices increase. In contrast in the suburbs when demand goes up builders simply build more houses. Below is the interactive map so you can click around and look at the exact appreciation statistics for different areas of the Austin real estate market. If you click on the "Percent change in home median price" an interactive color coded map comes up based on real estate price appreciation.
One thing you might notice is there is a red dot in the middle which represents downtown. Downtown Austin only had one house sell so the statistics for downtown are pretty meaningless. I know some of you have your own blogs. If you want to post the interactive map here is a link with just the map.
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Comments
The implicit equation of "home" to "only houses" is troubling here. There were hundreds of condos sold during this same period in the DT area, all of which are also "homes", but none of which show up here. Ditto with the UT area, although you could quibble about "home" versus "rental investment".
Posted by: M1EK | February 7, 2008 01:10 PM
It does support your comment that values in home rise in city centers. Seems that people get more exercise in walking living in the city also. Saves on gas as you can use public transportation.
Posted by: North Georgia Cabin Rentals | February 28, 2008 12:45 PM