Welcome to my first report of the Steiner Ranch investment market. We’ll take a look at the rental rates as well as what sales prices are doing in Steiner Ranch so you can determine if you should hold onto your investment property or if it’s time to sell. If you’d prefer to read the transcript, it can found below the video.
If you have any real estate related needs, please don’t hesitate to call or text me at 512-650-7300 or send me an email.
Greetings! I’m Craig Smyser with 1835 Realty, welcome to the spring edition of How’s the Investment Market in Steiner Ranch.
In February, 5 homes were leased in Steiner Ranch which was the same in February 2020. There was a high end lease that skews the numbers higher, but the median lease amount increased 8.5% to $2,925. The average lease price of a home increased 34.7% to $3,595. The average price per square foot increased by 24.2% to $1.18. If we exclude the house that leased for $6,500, the median rent increased by 2.5% to $2,763, the average increased 7.5% to $2,869, and the price per square foot increased by 5.3% to $1 even. While monthly numbers have their place, the data set can be small so I always like to look at a longer time period to give us a more comprehensive look at the market. The number of homes leased during the last six-months is 49, up 36.1% from this time the prior year. The median lease price of a home was up 7.2% to at $2,895. The average lease price increased by 6.8% to $3,056. The average price per square foot increased 9.7% to $1.13. While I provide both the median and average, please know that the main number we track in real estate is the median price.
Obviously, if you own an investment property in Steiner, you want to know about prices and not just rents. So let’s take a quick look at the median values. For February, the median price was $707,500, a 41.5% increase over February 2019. Over the last six months, the median price is $632,500 which is an increase of over 35% from the same period the year prior. There continues to be tremendous demand to buy homes in Steiner Ranch. If you’re thinking of cashing out of your investment, give me a call to discuss numbers. Even if you currently have a tenant in the property, there are options to sell it now. If you want to continue to invest in real estate, we can talk about whether a 1031 exchange is right for you.
If you have any real estate related questions, please don’t hesitate to call me at 512-650-7300 or email me at Craig@RealEstateInAustin.com. Thanks for reading How’s the Investment Market in Steiner Ranch.
Statistics based upon information from ACTRIS for the periods cited.