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What it costs to buy a home in the East MLK neighborhood

Asking prices by the square foot

In this ongoing series, real-estate analytics site NeighborhoodX is taking a close look at sales price ranges in different Austin neighborhoods, ranking asking prices on a per-square-foot basis. Today's analysis focuses on the East MLK neighborhood, which stretches east of Airport Boulevard to U.S. Highway 183 North and is bounded by Manor Road to the north and the railroad tracks between Manor and 183 to the south.

Situated in the middle of several now-bustling thoroughfares, East MLK is mix of residences, light industrial sites, and and business centers. It is a historically largely African American neighborhood that has seen rapid changes with Austin’s most recent population boom.

The current average listing price is $242 per square foot. However, the individual properties that make up that average range from $139/square foot (4605 Craigwood Drive, an older home that comes with a repair allowance) to $141/square foot (1708 E. M. Franklin Avenue, Unit B, a small new condo).

The analysis excludes properties primarily positioned as development sites (where the value is largely in the land and the potential upside) as well as foreclosures and short sales, as well as properties in such dire need of repair that the asking price would not reflect a true comparison of built interior space (but instead reflects a discount for the deferred maintenance and needed improvements).

You can view the full, interactive chart at the NeighborhoodX link below.

Austin: MLK & East MLK (August 2016) [NeighborhoodX]