Data from the Williamson Central Appraisal District and Austin Board of REALTORS® are showing us how intense the real estate market is in the Leander-Cedar Park areas. Preliminary data from the Williamson Central Appraisal District (WCAD) shows us the record-breaking year-over-year growth.
Leander Appraised Home Values
An appraisal value is the market value of a home or what a buyer is willing to pay for the house at the current market price. Appraisal values are essential because they play a significant role in how much property taxes are determined. Apprised value minus exemptions equal the amount of property taxes owed to a taxing entity. While Williamson County Appraisal District is not a taxing entity, counties, cities, and school districts are. These taxing entities determine their tax rates based on the WCAD appraisal information. If the entity does not reduce their tax rate equivalent to match the increased rate, property owners are more likely to owe more in taxes.
Since January 1st, Leander’s total appraised value increased by 27% year over year and by almost 30% in residential total appraised value. The total appraised value in the city of Cedar Park grew by 16% year over year and the residential total market value increased by 20%. Leander ISD also sees an increase as their total appraised value rose 20% year over year and the residential total appraised value increased by 19%.
As a result, Williamson County is seeing a 19% increase year over year. The WCAD Chief Appraiser said Williamson County should expect to see a $14.6 billion year-over-year increase. This is a $4.59 billion increase compared to 2020. This increase is on track with Travis County and Hays County, as their appraised values are also rapidly increasing.
Leander Median Home Values
From March 2020, prices have increased by 21% in the Austin-Round-Rock TX Metropolitan Statistical Area, according to the CoreLogic Home Price Index. Nationally, home prices have increased 1% in March 2021 compared to March 2020. Even comparing February 2021 to March 2021, home prices surged 2%. This is due to low inventory and mortgage rates and high lumber prices, causing new construction prices to increase too.
In Williamson County, median home values climbed by 18% to $323,450. This is a significant increase from $273,988 the year prior. From March 2020, prices have increased by 21% in the Austin-Round-Rock TX Metropolitan Statistical Area. Leander’s median home value increased by 20% year over year. Median home prices in LISD increased by a similar amount, 19.45%. In contrast, the median price dropped by almost 15% in Cedar Park, according to the appraisal data.
Check out our other latest blog about “Median Home Price Surpasses $500K in Leander-Cedar Park”.
If you’re looking for an affordable home in the Leander and Cedar Park area, contact us today! Contact Cummings Team® by clicking here or call or email: 512-619-3186 | cummingsteam@purerealty.com.