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. For more than 9 years, I’ve made monthly videos about the current real estate market conditions in Steiner Ranch, but this is the first time I’ve made one specifically for investment property. So welcome to the first episode of How’s the Investment Market in Steiner Ranch.
In October, 15 homes were leased in Steiner Ranch which was up from 5 in October 2019. The median lease amount increased 10.1% to $2,945. The average lease price of a home increased 13.3% to $2,998. The average price per square foot increased by 11.2% to $1.09. 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 first ten months of 2020 is 111, up 3.7% from this time last year. The median lease price of a home was unchanged at $2,695. The average lease price increased by 3.4% to $2,894. The average price per square foot increased 1.9% to $1.05. 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 October, the median price was $610,000. Year-to-date, the median price is $573,250 which is an increase of almost 16% from 2019. 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 joining me for How’s the Investment Market in Steiner Ranch.
Statistics based upon information from ACTRIS for the periods cited.