When it comes to the hottest areas for home sales, look north and south.
The 78704 ZIP code directly south of downtown Austin ranked No. 1 on a new analysis of the neighborhoods with the most active housing markets, followed by 78745 and 78749 father south, then 78613 in Cedar Park.
It’s no secret that homes are a hot commodity in Austin and its environs; the median price in the metro area hit $316,000 last month, up 3.8 percent from the same month the previous year. But Austin Business Journal created the new Hottest Neighborhoods Heat Index to compare the region’s submarkets and provide Realtors and homebuyers with a deeper look into which areas have the strongest combination of factors that affect the residential real estate market.
Using data from the Austin Board of Realtors for the first three months of the year, we ranked all of the ZIP codes in the five-county area by number of closed sales, the median sale price and the average time spent on the market. Those three factors were weighted equally, and the top 20 were ranked by their combined scores.
ZIP codes with fewer than 30 sales in the quarter were discarded because the sample sizes were too small.
The Heat Index puts vastly different ZIP codes on the same playing field for comparison. For example, in 78704 homes spent on average 68 days on the market — more than two full months. But the area recorded nearly 200 sales even though it has a high median price at $511,275, indicating demand is still strong.
On the other end of the spectrum, in the 78758 ZIP code west of Lamar Boulevard and mostly east of MoPac Expressway (including The Domain), homes spent just 23 days on the market on average. The median price there was only $269,000, about 27 percent less than the median home price of $370,000 within city limits in March, according to ABOR.