Here is your September/October update for the Dripping Springs Real Estate Market for the zip code 78620! The data for the market is always 15-45 days behind as we look at closed sales, but looking at pendings can give a good idea of where we are headed! Contact me with any questions about the Dripping Springs Real Estate Market! 512-569-8480
New Dripping Springs Developments and real estate news:
UT Field Station planned for Mirasol Spings
- New Research Hub: The University of Texas is planning to open a research and conservation site in Dripping Springs, enhancing the area’s academic and research credentials.
- Part of a Larger Development: The Hill Country Field Station will be located at Mirasol Springs, a development that will also feature a hotel, cottages, and homesites.
- Significant Funding: The project has received over $200 million in funding, including a $50 million donation from the Winn Family Foundation, making it the largest donation in the university’s history.
- Multi-Disciplinary Focus: The station will serve as a hub for research across various disciplines, educational outreach, and environmental studies.
- Opening Timeline: Construction is expected to begin within the year, with the goal of opening the station in the first half of 2026.
Mirasol Springs will be a massive eco development off of Hamilton Pool Road. It will only have 55 home sites and 30 cottages on it’s 1400 acre development. Read more about it here!
Fitzhugh Concert Venue:
- Second Public Hearing: A second public hearing is being organized for a proposed 5,000-seat concert venue off Fitzhugh Road, offering another chance for community input.
- Community Concerns: Residents and a coalition named “Stop Fitzhugh Concert Venue” have raised concerns about the potential impact on noise, light pollution, and traffic safety.
- Wastewater Permit: The TCEQ is yet to make a decision on a wastewater permit filed by Blizexas, the California-based company behind the venue.
- Traffic Impact Analysis: A group called Fitzhugh Neighbors has urged Hays County commissioners to conduct a safety audit of the road and review the traffic impact analysis submitted by the developer.
- What’s Next: The future public hearing will include a panel of experts from the TCEQ and Blizexas representatives, but no decision on the permit will be made during the hearing.
- Developer’s Statement: Lexor Investments, the parent company of Blizexas, plans to develop a “world-class and well-run venue” that respects the local community and the unique character of the Hill Country.
This concert venue will definitely change the Fitzhugh District! It will be great for short term rentals and commercial business, but not so good for homeowners who have loved living the quiet country life without a lot of congestion. The main concerns with it are the very narrow roads, the low water crossing, the dark sky ordinance and the massive septic system for the venue having run off and hurting the ecosystem and Barton Creek.
Development in Ledgestone:
Endeavor commercial real estate firm is now searching for and leasing to commercial tenants at Ledgestone across from the Belterra Village and has secured Dutch Brothers, Chipotle, Amy’s Ice Cream, Playa Bowls and more! Some people love it, some people hate it, but development is coming and it will bring more jobs and keep more people local instead of driving to Bee Cave or Austin!
Some people are even talking about a Target in the works for Dripping Springs!
Here are last months’ stats from Texas Realtors analytics showing that new construction is undercutting resales to attract buyers with their pricing, rate buy downs and incentives. The top graph is for resale homes in the area with 8.6 months of inventory and the one below is at 4.9 months of inventory with $233/sq ft while resales are at $329/sq ft.
78620 data for the last 30 days:
Active homes: 262 (97 new construction)
Pending/Active Under Contract: 61 (38 new construction)
Closed in the last 30 days: 24 (9 new construction)
Average closed price: $832,296
Close to list ratio: 95.5%
Price per square foot: $291
78620 rental market for the last 30 days:
Active rentals: 66
Pending: 5
Closed in the last 30 days: 9
Average lease: $3,468 active price ($2,700 closed)
Average price per square foot: $1.35/sq ft
Today’s mortgage rate for the 30 year fixed is 7.8%
Mortgage and banking news this week:
- Mortgage Rate Fluctuations: Mortgage rates recently hit their highest levels in decades but dropped sharply at the beginning of the week.
- Geopolitical Impact: The Israel-Hamas conflict had an initial impact on rates, driving a “flight to safety” in the market.
- Federal Reserve’s Role: The Fed’s last policy announcement was on September 20th, and the next one is due on November 1st. Their changing tone has influenced market sentiment.
- Fed Speakers Weigh In: Dallas Fed President Lorie Logan and Fed Vice Chair Philip Jefferson shared mixed comments, suggesting less need for future rate hikes.
- Inflation Concerns: Atlanta Fed President Raphael Bostic mentioned that inflation has improved but there’s more work to do. The current policy stance is considered restrictive enough to restore 2% inflation.
- Market Reactions: Financial markets are tightening, which could do some of the work in terms of rate adjustments, according to Fed Governor Christopher Waller.
- Unified Fed Messaging: There has been a rare volume of Fed speeches with a unified theme, suggesting a shift from the prevailing messaging about more work to do on inflation.
- Word of Caution: Rates could still go up if inflation or economic growth outperforms expectations, as per Philadelphia Fed President Patrick Harker.
- Upcoming Reports: The next big moves in rates will require a unified message across multiple reports, including the next jobs report due on November 3rd.
- Consumer Price Index (CPI): A recent uptick in services inflation was noted in the CPI, which is one of the sectors the Fed is watching most closely.
Well there you have it! Seasonally the fall/winter is a good time to get deals on real estate because pricing seasonally slumps during this time. Reach out to me if you are wanting to find something while few are looking!
Speaking of good deals… I’ve got an incredible listing 920deercreek.com in Dripping Springs that has just been reduced to $945,000 and a gorgeous lot in Bunker Ranch that is one of the best values in the neighborhood!
Check out 141 Gaucho Way and 920 Deer Creek and give me a call with any questions! 512-569-8480
Real estate is hyper local… even down to the tiniest neighborhood!
Thinking of buying or selling your home in Dripping or the Austin area? I would love to talk with you about if now is a great time to buy or sell your home. I can come and see your home and talk with you about the real estate market and give an in depth look at what is happening and honest feedback on whether now is a good time to make a move or not! Just reach out: 512-569-8480 or laurenclark@magnoliarealty.com
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