Tarrytown Real Estate Market Prices, Trends, and Forecast 2023

Tarrytown Real Estate Market Prices, Trends, and Forecast 2023

Tarrytown is an exclusive enclave just west of Austin's core. It is an area that is teeming with luxury shopping and dining, pristine streets canopied by shaded trees, and highly sought-after palatial estates. Known for its traditional, tight-knit feel, this neighborhood is among the most desirable in the area.

With such an expansive history and range of architectural styles, it's no surprise that Tarrytown has become home to many VIP residents, families, and active retirees. The Tarrytown real estate market is constantly changing, so it's crucial to stay on top of current trends and forecasts to make smart investments. In this blog post, we'll look at the current state of the Tarrytown housing market and what you can expect in 2023.

Tarrytown housing market forecast 2023

Home values increasing

Multiple factors can affect property values. This includes historical selling prices, the location, size, and age of the property, the quality of surrounding amenities, market conditions, and renovations and upgrades. Tarrytown has some of the highest-ranked schools in Texas and boasts an excellent job market — two factors contributing to its stability and popularity among families looking for a place to settle down.

Homes appreciate well in Tarrytown and are fitted with the latest interior designs, while preserving the neighborhood’s charm. It also helps that the community is centrally located in one of the buzziest cities in America, meaning demand will continue to support increased property values.

Rising interest rates

Current mortgage interest rates in Texas
are 6.47% for a 30-year fixed loan, and 5.76% for a 15-year loan, and are expected to get a slight boost in 2023. According to Bankrate, the feds are projected to increase the benchmark interest rate by three-quarters of a point, impacting the rates of credit cards, loans, and mortgages.

Cost of rent will increase

According to the latest data, the average rent price in Tarrytown is $3,286 per month, with an apartment and home vacancy rate under 10%. This creates competition and climbing living costs. Rent prices in the area are expected to continue rising in 2023.

Investing indicators will favor landlords

Landlords and investors use many indicators to evaluate the potential revenue of their residences. One of the most important metrics is the return on investment (ROI). Return on investment measures a seller’s profit after closing on a property. A great way to get an idea of a location’s ROI is to understand the area’s historical appreciation, that is, how much a property’s value will increase over a certain period.

Tarrytown is in Austin, one of America’s highest appreciating cities, with an annual home appreciation rate of 11.47%. Austin is notorious for its favorable long-term housing investments, and landlords can seek to gain handsomely as more people settle in Tarrytown.

Positive net population migration

According to the U.S. Census Bureau, the Austin MSA has seen an average population growth rate of 56,800 people annually for the past decade. The net domestic migration of 59.4% and net international migration of 28.1% play a significant role in the continued population rise. Domestic migration has skyrocketed in the past five years in the prevalent city and will continue to see positive growth into 2023.

Travis County housing market trends 2023

Rocket Homes reports that Travis County is neutralizing. Once a strong seller market, the scales begin to balance, as indicated by the 75% of homes sold under the asking price. Bidding wars are quieting, giving buyers more negotiation power. The even better news is the county’s median sold prices are still hot, up almost 11% in the last year. Though three and four-bedroom properties dominate the inventory, one-bedroom homes sell the most. Most homes are sold under 90 days, a consistent metric for Travis Country.

How COVID-19 affected the Tarrytown real estate market

As the pandemic hit the nation in March 2020, many were faced with the unknown, as stated by the Austin Business Journal. Real estate activity nosedived as agents and clients tried to anticipate what to expect next. Austin home sales sharply declined in the first six months of 2020, but miraculously, the market rebounded to unprecedented levels. Corporations and people came to Austin in droves for exciting opportunities and a comfortable yet upscale lifestyle. Demand for properties in the area quickly outpaced supply, causing Austin to shatter housing market records into 2022. Today, the activity has moved towards a healthy, sustainable balance.

Tarrytown median home prices 2023

Tarrytown's housing market is shifting, reflecting much of what is happening in other markets across the country. While real estate activity in the area has experienced a subtle chill in recent months, property prices in Tarrytown are still increasing at a much slower rate.

According to a recent report, the median sold price in Tarrytown is $1.8 million, a 30.7% increase year-over-year. However, most homeowners are selling their properties under the asking price, which is good news for prospective homebuyers. As Tarrytown's market shifts in favor of buyers in 2023, sellers will respond by adjusting home prices to remain competitive, leading to discounted price tags.

Tarrytown real estate market: Should you invest?

Should you invest in the Tarrytown housing market? Tarrytown is known for its stellar appreciation rates, lavish quality of life, sense of community, luxury homes, and upscale amenities. With a bit of negotiation power, research, and professional guidance, finding a great investment home in Tarrytown is possible and profitable.

The Tarrytown market is a great place to invest in luxury homes. The market is projected to continue its upward trend over the next year, with a steady increase in sales and appreciation. If you're looking for a luxury home in Tarrytown, check out Erin Fabacher's listings. She has a great selection and finds the greatest pleasure in helping her clients find their dream homes at the right price and location. Contact Erin today!

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