What does it cost to buy a home East César Chavez right now? And how does that compare to last year’s prices?
Real-estate analytics site NeighborhoodX has been taking a close look at the range of sales asking prices—per square foot, rather than by total price—in various Austin neighborhoods, and their stats can answer both of those questions.
The East César Chavez neighborhood is bounded on the north by East Seventh Street, IH-35 to the west, Chicon Street to the east, and the river on the south. It is traditionally a largely Latino, working-class area and close-knit, affordable community.
Due in part to its proximity to downtown and to the redeveloping waterfront, it has for the past several years been a locus and a flashpoint for civic conversations around gentrification and ethnic displacement.
The current average asking price in the neighborhood is $487 per square foot, ranging from $332 per square foot (901 Spence Street, a vintage house asking $799,000) to $609 per square foot (1623 Garden Street, also a vintage home, this one needing some work, asking $650,000).
When NeighborhoodX looked at asking prices per square foot last year., the average asking price was $435 per square foot, ranging from $207 per square foot to $540 per square foot.
What does the 12% rise in the average asking price year-over-year mean—especially in light of the much more dramatic 60% increase at the lower end of the market? According to Constantine Valhouli, director of research for NeighborhoodX, “The bargains have been largely picked up.”