New Austin Board of Realtors report supports smaller homes on smaller lots

from the Austin Board of Realtors is backing up claims that allowing smaller houses on smaller lot could create hundreds of cheaper homes.

The realtors say their math backs up the belief that the cost of homeownership in Austin is of now reach for a lot of workers. The median price for home sales in Austin last year was $540,000 and ABoR says their research found 94.5% of residential sales in 2023 exceeded $300,000 with a significant portion of homes priced far beyond the reach of many workers and professionals.

I told him homebuyers are worried the new homes will just end up being flipped and the prices will just start rising again. Are there any kind of safeguards here?Vela says the homes on the new smaller lots will be smaller than homes available elsewhere, and the board of realtors report agrees land costs and construction costs would both go down under the new HOME Plan.

The new report from the ABoR estimates the additional number of homes built annually due to the reduction in minimum lot size could number between 87 and 871 depending on the percentage of lots subdivided. It's a broad number because not everyone is eager to see this happen in their neighborhood.

Austin Austin Board Of Realtors HOME Plan Housing Cost Lot Size Smaller Homes Subdivided Properties

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