Residential real estate builders are currently looking for other types of construction options thanks in large part to the fact that the city of Cedar Park is really starting to become more built out these days.
According to reports, unless Cedar Park doesn’t have any new vacant lots open to construction, the city would end up running out of single-family vacant lots within the span of a year. Future lot numbers were estimates to be in the 700s back in 2017, which is down from the 2015-20166 number of the low-1,000s.
This means that, essentially, there isn’t a lot of land left in Cedar Park for development based on what’s being heard from both builders and developers alike. Furthermore, any future lots that are available for development are either smaller or more high-density than those lots that had previously been available. There has also been an increase in both Cedar Park and other areas of attached or smaller-sized homes due to the fact that builders are attempting to reach more individuals with affordable buying options.
Data focusing on new home construction in Cedar Park from the period of October 2016 to September 2017 shows that these homes were constructed on lots containing front footage of approximately 55 feet to 59 feet. Lots that measured under 50 feet were found to be the second-most popular size.
The city of Leander, meanwhile, saw the most new home construction on lots measuring either 60 feet to 64 feet or 50 feet to 54 feet during the exact same period; however, over 100 new homes were constructed on lots measuring 70 feet to 79 feet.
In essence, Leander will greatly benefit from Cedar Park finishing up their own construction. The town is still considered to be a “growing market,” so much so that Leander is growing across multiple price points so that a higher-price buyer can still be served.
Over the past several years, housing prices in both Cedar Park and Leander have increased, yet nowadays, they are starting to level off a bit. In 2013, home prices in Cedar Park and Leander were listed as $229,000 and $175,000, respectively. From January 2017 to November 2017, however, the prices were listed as $292,245 and $271,5000, respectively, which is a decent increase.
Throughout that same period, the number of existing home sales in Cedar Park increased by approximately 4.6%; however, in Leander, the number fell by approximately 8.1%. New home sales, however, in Cedar Park increased by 21.2% and in Leander by 18.1%.
If you’re searching for a new home in the Cedar Park or Leander area, please contact us today!