Are you looking to buy or sell a home in Cedar Park, Texas? It's important to have an understanding of the current real estate market in order to make the best decisions. Let's take a look at the most recent real estate statistics from the Cedar Park housing market and discuss what happened to mortgage rates last week, who is moving to the 78717 area, and how to be careful with the people you hear from. Real estate is a local market, so it's essential to have accurate information about what's going on in your particular area. During March and April of last year, the housing market closed, resulting in fewer homes being put on the market than usual.
This slowdown continued into June when mortgage rates rose above 6%. This has an impact on real estate prices because buyers stop paying more than the asking price and, in some cases, they don't have the money needed to make a down payment. It's important to have an experienced real estate agent who can help you navigate this new market, get you the best price, and have the skills needed to successfully close the sale. According to the Texas Real Estate Center, the Austin real estate market saw average sales prices appreciate 63% in the last five years and average sale prices appreciate 61% in the same time period.
As of July 5th, there were 209 active homes for sale in Cedar Park, up from 160 active properties in June and 120 homes under contract. For homes that sold in November, the average number of days a Cedar Park home was under contract was 16. This represents a large increase in active ads compared to just 40 active ads in Cedar Park on April 4th. It's important to be aware of who you are getting your information from as well. Many realtors don't pay attention to the main indicators or understand what they mean.
Combine that with knowing that people who teach real estate don't actually sell real estate and you have a recipe for disaster. So what is the average price per square foot for real estate in Cedar Park, Texas? According to Zillow, as of July 2020, the median home value in Cedar Park is $323,400. The median list price per square foot is $150, which is higher than the Austin-Round Rock Metro average of $133. Having an understanding of current real estate trends is essential if you're looking to buy or sell a home in Cedar Park. Knowing what happened with mortgage rates last week and who is moving into the 78717 area can help you make informed decisions about your purchase or sale. It's also important to be careful with who you get your information from as many realtors don't pay attention to key indicators or understand what they mean.
With this knowledge, you can make sure you get the best price for your home.