Leander Real Estate Market Prices, Trends, and Forecast 2023

Leander, Texas, manages to maintain a small-town feel but offers all the amenities of big-city living. Its proximity to Austin, unique cultural attractions, and numerous opportunities for outdoor adventures make it the ideal Texas community. The spectacular Lake Travis is an oasis of outdoor recreation, and the nearby Balcones Canyonlands National Wildlife Refuge is a natural paradise. Leander is home to exciting shops, eateries, and breweries. Historic Old Town Leander hosts festivals and events yearly, including the Old Town Street Festival, which celebrates local artisans and handcrafters. No wonder so many are choosing to call this vibrant city home.

 

Knowing the key predictions about the real estate market in Leander is the wisest place to start if you are considering purchasing a home in 2023. Here is what you can expect in the coming months:

 

Leander, TX, and Cedar Park experienced a steady rise in home prices from early 2021 until the end of 2022 when they began to dip. This year has seen home sales declining due to the raising of interest rates by the Federal Reserve. Home sales slipped by 6.7% in Williamson County and 5.1% in Travis County. The median home price decreased from its 2022 peak price of $567,455 to an average of $439,990, according to ABoR data. This creates an ideal opportunity for home buyers and investors to scoop up prime property in Leander before the market prices increase or stabilize later this year.

 

As mortgage interest rates continue to climb to just shy of 7% around the country, potential home buyers stand by to see what will come next. The average 30-year, fixed-rate mortgage is currently 6.69%, according to Freddie Mac.  With economic uncertainties and inflationary pressures, whether there will be more rate hikes, pauses, or relief remains to be seen. Investors are wise to be ready to jump in should the economy stabilize and rates fall this year.

 

Renters are back in control this year as rising vacancy rates and a glut of newly-constructed multifamily units hit the market. The rent increases of 2021 and early 2022 are finally flattening. The online marketplace, Apartment List, notes that though the peak rental season has arrived, data shows it is stalling rather than increasing. Landlords offer incentives and various deals to lure new tenants to their properties. Potential home buyers may opt to rent for another year to wait out rapidly changing market trends.

 

Texas is experiencing a population boom and has now passed the 30-million mark, second only to California, according to the U.S. Census Bureau.  Leander and Williamson County, in general, are growing at a rate of 10.1% annually. The multitude of green parks, easy commute to Austin, and natural surroundings make the area desirable for those who want it all. Leander's population has grown by 33.7% since the last census as the Texas hill country draws families and businesses to its idyllic lands.

Williamson County is enjoying unprecedented growth, creating a hot and changing housing market this year.

 

The chaos caused by the pandemic was particularly felt in the real estate industry. After the initial lockdown and shelter-in-place restrictions, Texans soon sought to escape urban areas. Williamson and Travis counties saw a significant boost in housing sales during this time as people fled to quieter suburban settings. This caused a drop in available listings, and realtors scrambled to catch up with the market. The ability to work remotely also had people gravitating away from expensive urban markets to more affordable ones like Williamson County.

 

Foreclosure activity in the United States has been up 185% since last year. Texas has registered the third greatest amount of foreclosure starts though foreclosure completions were far fewer. This indicates that homeowners in financial distress could find a way to avoid foreclosure and keep their homes. In Leander, where 2,081 residential properties were sold this year, only five foreclosures were reported in the same period.

 

Median home sale prices in Williamson County dropped about 12% in 2022, according to Williamson Central Appraisal District's Chief Appraiser, Alvin Lankford. Rising interest rates resulted in houses staying on the market longer before selling. The county's median market home value fell from $473,328 in 2021 to $414,869 in 2022. Lankford points out that the increasing value of multifamily properties and commercial real estate sales offsets the decrease in residential market values.

 

Determining whether a community is right for investment requires taking in many factors. It is a big decision to make. Leander offers buyers an irresistible blend of a high-quality lifestyle, economic stability, and a wide range of real estate choices. Leander benefits from its proximity to Austin, an exceptional educational system, and unique charm and natural amenities. Real estate investors are wise to take advantage of Leander's diverse, ever-growing market and stake a claim in this desirable Texas hill country community. Here are a few of Leander's neighborhoods to consider.

 

Crystal Falls is one of Leander's most well-established, master-planned communities. The neighborhood features homes on extra-large lots surrounded by green, rolling hills. Crystal Falls Golf Club serves as the foundation of the community. Besides the golf course, it offers a variety of family-friendly recreational amenities, including swimming pools, playgrounds, and walking trails.

 

Reagan's Overlook stands out for the neighborhood's rural feel and impressive countryside views. Its custom, luxury homes are designed to make the most of its environment by including greenbelts and private cul-de-sac lots. Most homes in Reagan's Overlook are situated on large, wooded lots and average about 3,300 square feet in size. This desirable neighborhood is ideal for those buyers looking for newer construction with a country feel.

 

Bluffview is aptly named for its location on top of one of Leander's several bluffs. The neighborhood offers scenic vistas for those who call this master-planned community home. The ranch-style homes range in size from 1,500 square feet to 5,000 square feet giving potential buyers numerous options. Bluffview boasts a community pool, picnic areas, and a sports court. Many homes have fenced-in backyards, mature trees, and a variety of floor plans to choose from.

 

Bar W Ranch is one of Leander's newest neighborhoods. It is built around the South San Gabriel River and offers a picturesque setting with more than a mile of river frontage. The community is tailor-made for people who enjoy including the outdoors in their daily living, with several parks and trails to enjoy. Homes are mostly constructed with brick and stone exteriors, and interiors offer modern finishes and a range of spacious floor plans.

 

If you are in the market for a new home in Leander, Texas, you can't go wrong in letting Scott Stout work with you to find the ideal property. Scott understands the community and is knowledgeable about the city's different neighborhoods. There has never been a better time to buy your dream Texas hill country home. Contact Scott Stout today to get started.

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