Tarrytown offers residents a peaceful escape into tranquil lakeside living, just a short 30-minute drive from the bustling heart of downtown Austin. The community boasts coveted luxury homes, often with panoramic vistas of the majestic Colorado River. The area promises an abundance of water sports.
The streets of Tarrytown are gracefully adorned with a lush canopy of trees. Rather than the pervasiveness of commercial chains, Tarrytown prides itself on its unique array of local boutiques and eateries. These special touches give Tarrytown that cherished 'hometown' feel, making it a compelling spot for those looking to invest in or sell real estate.
From seller's delight to buyer's advantage
Last year, Tarrytown was a seller's market. In such scenarios, the demand for homes typically outweighs the supply, giving sellers the upper hand. Properties sell faster, often with multiple offers, and sometimes above the asking price. It's an ideal time for homeowners to capitalize on their investments.
Fast forward to today, and the tide has turned, ushering in a buyer's market in Tarrytown. In this setting, the number of available properties exceeds the demand, placing potential buyers in a more advantageous position. They can expect more room for negotiation, more choices in their desired price range, and a less frantic purchasing process. This shift in dynamics implies that while sellers might need more patience and strategy, buyers find themselves in a sweet spot to move into Tarrytown's real estate arena.
Fast forward to today, and the tide has turned, ushering in a buyer's market in Tarrytown. In this setting, the number of available properties exceeds the demand, placing potential buyers in a more advantageous position. They can expect more room for negotiation, more choices in their desired price range, and a less frantic purchasing process. This shift in dynamics implies that while sellers might need more patience and strategy, buyers find themselves in a sweet spot to move into Tarrytown's real estate arena.
A glimpse into August 2023
Tarrytown's real estate market paints a telling picture for August 2023. Homes have been exchanging hands at a median sold price of $1.635 million, which translates to an impressive $670 per square foot. However, a comparative analysis reveals a slight cooling off.
There's a 3.5% dip in the median sold price when juxtaposed with figures from August 2022. Furthermore, the negotiation power leans slightly towards buyers, with 50% of the homes being snapped up for less than their asking price in the month.
There's a 3.5% dip in the median sold price when juxtaposed with figures from August 2022. Furthermore, the negotiation power leans slightly towards buyers, with 50% of the homes being snapped up for less than their asking price in the month.
Comparative real estate
Venturing outside Tarrytown offers a broader perspective on the greater Austin area's housing climate. Taking center stage is Austin itself, with homes having a median sold price of $570,189 in August 2023. Reflecting a trend similar to Tarrytown, Austin's median sold price has decreased by 3.8% from the previous year. The market sentiment in Austin remains balanced, deeming it a neutral market.
A hop away is the lakefront community of West Lake Hills. As of August 2023, the median sold price is $2.625 million, marking an impressive upsurge of 11.7% since August 2022. Yet, despite the price elevation, West Lake Hills tilts towards a buyer's market.
Then there's Rollingwood, another neighborhood drawing attention with its formidable price tag. The median selling price has surged to $3.34 million in August 2023, reflecting an 11.1% hike from the previous year. Contrary to West Lake Hills, the market dynamics in Rollingwood favor sellers, positioning it firmly as a seller's market.
A hop away is the lakefront community of West Lake Hills. As of August 2023, the median sold price is $2.625 million, marking an impressive upsurge of 11.7% since August 2022. Yet, despite the price elevation, West Lake Hills tilts towards a buyer's market.
Then there's Rollingwood, another neighborhood drawing attention with its formidable price tag. The median selling price has surged to $3.34 million in August 2023, reflecting an 11.1% hike from the previous year. Contrary to West Lake Hills, the market dynamics in Rollingwood favor sellers, positioning it firmly as a seller's market.
Dynamics of Tarrytown's housing supply
In August 2023, Tarrytown's real estate listings numbered 49 homes up for grabs, showing a marginal decrease from the 51 homes listed in July 2023. Interestingly, the transactions witnessed a more significant change. While July saw nine homes being claimed by new owners, August observed a stark slowdown, with only two properties finalizing their sale.
The pace of the market also showed signs of relaxation. In August 2023, homes lingered on the market for an average of 47 days before sealing the deal — a notable increase from the brisk 18-day average recorded in August 2022. Demonstrating this trend further, only one of the homes sold in August 2023 found its new owner in under 30 days. This extended timeframe suggests a more contemplative and possibly strategic approach from buyers and sellers.
The pace of the market also showed signs of relaxation. In August 2023, homes lingered on the market for an average of 47 days before sealing the deal — a notable increase from the brisk 18-day average recorded in August 2022. Demonstrating this trend further, only one of the homes sold in August 2023 found its new owner in under 30 days. This extended timeframe suggests a more contemplative and possibly strategic approach from buyers and sellers.
The investment clock
For those eyeing Tarrytown's real estate market, deciphering the rhythms of investment can feel like interpreting an intricate symphony. At the forefront of this tune is the Federal Reserve's current stance, steadfastly committed not to cut interest rates until inflation cools to 2% or less.
On the horizon, the Mortgage Bankers Association forecasts hint at a silver lining. They anticipate that by 2024, mortgage rates will slip below the 6% threshold. However, a dive beneath the 5% mark seems unlikely. Such predictions bring a mixed bag of implications for buyers and sellers, and understanding them is crucial for making an informed decision.
But amidst these oscillations, one constant remains: home values have historically shown a trend of appreciation. National trends have consistently demonstrated resilience, with home values recovering and thriving after downturns. A prime example can be observed from the 2008-2009 period. Despite the significant dips during those tumultuous times, national home values rebounded within just a year. And if that wasn't encouraging enough, they surged by an impressive 30% over the next five years.
All things considered, Tarrytown's market, when viewed in light of these broader trends and predictions, suggests that real estate remains a worthy and potentially lucrative investment avenue.
On the horizon, the Mortgage Bankers Association forecasts hint at a silver lining. They anticipate that by 2024, mortgage rates will slip below the 6% threshold. However, a dive beneath the 5% mark seems unlikely. Such predictions bring a mixed bag of implications for buyers and sellers, and understanding them is crucial for making an informed decision.
But amidst these oscillations, one constant remains: home values have historically shown a trend of appreciation. National trends have consistently demonstrated resilience, with home values recovering and thriving after downturns. A prime example can be observed from the 2008-2009 period. Despite the significant dips during those tumultuous times, national home values rebounded within just a year. And if that wasn't encouraging enough, they surged by an impressive 30% over the next five years.
All things considered, Tarrytown's market, when viewed in light of these broader trends and predictions, suggests that real estate remains a worthy and potentially lucrative investment avenue.
A real estate recap
As the curtains fall on our exploration of Tarrytown's real estate landscape, a few melodies ring clear. From its enticing locale adjacent to Austin to the ebb and flow of its buyer and seller markets, Tarrytown is a dynamic and promising arena. The pulse of the current market, the comparative nuances with neighboring areas, and the housing supply dynamics all converge to inform potential investors. The economic forecasts and historic resilience of home values further illuminate the path for those considering investing in Tarrytown real estate.
Choosing local expertise
Noa Levy provides a boutique experience for her clients. With a commendable standing in the top 1% of Austin real estate professionals and a legacy of 18 years serving the Austin area, Noa's expertise promises an edge. Whether buying or selling, her unparalleled knowledge and finesse can navigate you to the best price in any real estate market. Contact Noa today to learn more.
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock
