Looking to buy or sell a home in Austin? Here’s the quick takeaway:
- 78704: Urban, trendy, and close to downtown. High demand means higher prices, with a price per square foot of $485.
- 78745: Suburban, quieter, and more affordable. Ideal for families and first-time buyers, with a price per square foot of $295.
Quick Comparison Table
| Metric | 78704 | 78745 |
|---|---|---|
| Price per Sq Ft | $485 | $295 |
| Vibe | Urban, lively | Suburban, laid-back |
| Housing Options | Historic homes, condos, luxury builds | Single-family homes, newer developments |
| Proximity to Downtown | Very close | Moderately close |
Key Insight: 78704 offers a premium urban lifestyle, while 78745 provides more budget-friendly suburban options. Both areas are experiencing steady growth, but 78704’s limited inventory keeps its prices higher.
Read on for a detailed breakdown of trends, factors influencing prices, and market forecasts for 2024.
Why THESE Are The BEST Neighborhoods in Austin’s 78704 …
78704 and 78745 at a Glance
These two Austin zip codes have unique characteristics that shape their home prices and market trends.
78704: Urban Core Living
Located just south of downtown Austin, 78704 stretches from Lady Bird Lake to Ben White Boulevard. South Congress Avenue acts as its lively centerpiece, featuring popular spots like Güero’s Taco Bar, Home Slice Pizza, and the Continental Club. The area is highly walkable, with plenty of coffee shops, restaurants, retail stores, entertainment venues, and parks.
Housing here ranges from historic bungalows to modern condos, luxury townhomes, and mixed-use developments. This mix of urban amenities and housing options creates a competitive real estate market.
78745: Suburban Setting
78745 offers a quieter, suburban vibe while still being close to central Austin. It’s located south of Ben White Boulevard and west of I‑35, making it convenient yet more laid-back. The area boasts family-friendly amenities and a growing commercial scene.
Recent upgrades along South Lamar Boulevard and Manchaca Road include new shopping centers, parks, and improved transportation routes. The neighborhood is also seeing a rise in new single-family homes, appealing to first-time buyers, families, and remote workers looking for more space at a better price point.
These developments contribute to steady growth and set the stage for a closer look at home price trends in each zip code.
78704 Price Analysis
78704 Home Prices
Home prices in 78704 have been steadily increasing, reflecting strong buyer interest. The area offers a mix of options, from older single-family homes to upscale new builds and renovated properties. Condos and townhomes provide additional choices for buyers. The rising price per square foot and quick sales highlight how competitive this market is.
What Influences 78704 Prices
Several factors contribute to these pricing trends:
- Prime Location: Close to downtown, Lady Bird Lake trails, and major employers, the location is a big draw for buyers.
- Property Features: A mix of historic homes, modern luxury builds, and limited single-family home inventory keeps prices high.
- Neighborhood Appeal: Established amenities and ongoing commercial upgrades maintain the area’s desirability.
- Development Limits: Strict zoning laws and historic district rules restrict new construction, keeping buildable lots scarce and supporting property values.
With limited inventory, strong demand, and ongoing commercial growth, 78704’s housing market is expected to stay competitive and steady.
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78745 Price Analysis
The 78745 market shows a steady and consistent trend, offering a different perspective on home values.
78745 Home Prices
Recent figures indicate that home prices in 78745 have seen a slight increase over the past year. This suggests a stable market that appeals to suburban buyers looking for reasonably priced options.
Factors Influencing 78745 Prices
Shifts in supply and demand, along with broader economic and demographic trends, are key factors contributing to this gradual rise in prices.
Direct Price Comparison
Looking at specific trends, a side-by-side comparison highlights the price differences between the two areas.
Price Data Table
Here’s how the price per square foot stacks up:
| Metric | 78704 | 78745 |
|---|---|---|
| Price per Sq Ft | $485 | $295 |
Key Differences
The price per square foot in 78704 is about 64% higher than in 78745, making 78745 the more budget-friendly choice.
2024 Market Forecast
The price trends in 78704 and 78745 show clear differences heading into 2024, with each area following its own path.
78704 Price Outlook
The urban hub of 78704 is expected to hold steady in terms of pricing. Limited supply combined with consistent demand, thanks to its central location, helps maintain this stability. This creates a stark contrast to the market dynamics seen in 78745.
78745 Price Outlook
In 78745, the market enjoys a more balanced position. Improvements in infrastructure and a variety of housing options contribute to this stability. These factors, along with a steady inventory, support its appeal. While the price gap between 78704 and 78745 remains, 78745 continues to offer a more affordable option for buyers.
Both neighborhoods are expected to attract strong buyer interest throughout 2024, shaped by their unique market conditions.
Summary
Price Trend Review
Home prices in 78704 and 78745 show distinct patterns due to their market characteristics. In 78704, the urban vibe and well-established amenities push prices higher. Meanwhile, 78745 offers more budget-friendly options with room for growth over time. These contrasts present unique opportunities for buyers and sellers to plan their moves wisely.
Next Steps with Austin Local Team
Knowing the market is key to making smart real estate decisions. Austin Local Team provides expert guidance tailored to these areas.
For Buyers:
- Access to comparative market analysis
- Real-time updates on market conditions
- Area-specific investment advice
For Sellers:
- Free home valuation services
- Pricing strategies based on market trends
- Customized marketing plans
With personalized agent matching, Austin Local Team connects you with local experts to help you make well-informed decisions, whether you’re buying or selling.
