Data analytics site NeighborhoodX is conducting a broad study of affordability in major U.S. cities, and, as part of that, is identifying and analyzing the 10 least expensive market-rate properties in different neighborhoods.
This chart excerpts part of their research on Austin, looking at the 10 most affordable properties in West Lake Hills.
West Lake Hills is a bit more difficult to define than most neighborhoods in Austin. The separately incorporated city of West Lake Hills has specific and somewhat wonky boundaries within the area between the Colorado River/Lake Austin on the east and Highway 360 on the west, with the Wild Basin wilderness above and Rollingwood and Westlake drives marking the south boundary, sort of.
More generally, Austinites—particularly real-estate professionals—tend to refer to areas between the river and 360 (and occasionally even west of 360) from MoPac to northerly points as "Westlake."
The study excludes studios, since they tend not to be viable as long-term residences. The study also excludes properties that cannot be purchased with conventional financing, affordable/age-restricted housing, and certain listings with incomplete or contradictory information.
The 10 most affordable properties currently for sale in West Lake Hills that met our study's criteria ranged from $285,000 to $740,000. The most affordable was a two-bedroom condo at 1938 Holly Hill Drive #5.
The prices per square foot ranged from $212 to 376. The most expensive property on a per-square-foot basis was 3418 Pinnacle Road, a single-family home asking $650,000.