Two bed, 1 bath homes in Hyde Park & North Loop are a hot commodity
Two bedroom, one bathroom homes are a hot commodity in the Hyde Park and North Loop neighborhoods. As of Saturday, November 25th, there are only four 2-1's on the market in Hyde Park and North Loop. These four homes range in price from $199,000 - $400,000. As you might guess from the price, not all 2-1's are created equal. Here are our insights into the 2-1 market.
THE AREA ATTRACTS TWO TYPES OF BUYERS
There are generally two different types of buyers looking for two bedroom, 1 bathroom homes in Central Austin. The first group are those people that want to live close-in without being in a condo and at a lower price-point. The second group is builders that are looking at land value and the development potential of the property. It’s because these two sets of buyers have such very different objectives that we see such a wide variance in home values.
MARKET ACTION BY AREA
Speaking in general terms, the Hyde Park and North Loop areas are broken into three geographic parts, and the prices vary widely among the different locations. Here’s how sales broke down over the last year.
1. North Loop– This is the section between 51st Street and Koenig. Historically it’s the most affordable, and the friendliest to builders.
- On Average -- Over the last year, 2-1's have sold between $250k-439k. On average, you can get a 978 square foot home that needs some help, but has charm and is livable, for $365k. Anything under $350k seems to generate multiple offers.
- Market Action – Last year 6 out of 17 2-1's sold in the area had multiple offers that resulted in bidding wars. One home even sold for almost 11% more than the list price, and 3 other homes never lasted more than a day on the MLS.
2. Hyde Park North – The area north of 45th Street is highly desirable because of its charming homes, beautiful trees, a great elementary school.
- On Average -- Over the last year most 2-1’s were priced around $394K for 1,064 square feet. Most of these sold for over list price, and the homes needed a little work. If you want something that you can move into right away, you'll need to be ready to spend $420k+.
- Market Action – Last year 8 out of 12 homes in this area had multiple offers and sold at or above the list price in under 5 days. Some even sold for 7% over the list price.
3. Hyde Park South -- The part of Hyde Park south of 45th Street has been designated a historic neighborhood, and it's gorgeous. Grand homes, beautiful trees, and a casual vibe are the main draw.
- On Average -- Over the last year, you could pick up a 2-1 home here with approximately 920 square feet for $469k. But expect to pay around 5% over list price. The least expensive home that was move-in ready sold for $490k.
- Market Action – Last year there were only four 2-1 homes sold in this area. All four of them sold over the list price, with the highest one selling for 9% over list price. Coincidentally, that same home was also the least expensive, move-in ready home.
OUR CURRENT FAVORITES
Of the two bedroom, one bathroom homes currently on the market, these two are our favorites. We’d be excited to show either of these properties to you.
This adorable cottage is is picture perfect inside and out. This charming home has cased ...
Timeless Hyde Park gem! Adorable 2/1 bungalow with great curb appeal and tons of characte...
HOW CAN WE HELP?
In an active market like what we’re seeing for two bedroom, one bathroom homes in the Hyde Park and North Loop areas, it really pays to have an experienced Realtor guide you through the pricing and negotiation strategy. We’re happy to sit down and share our 23 years of experience with you. No BS. No obligation. Call, text, or email us to schedule your consult.