Marble Falls is a beautiful suburban community located 50 miles west of Austin. It was named for a local waterfall that flows over a ledge of limestone. The upper layer of the rock is blue so it was mistaken for marble, leading to the community’s colorful name. With nearby lakes and Granite Mountain, the vistas are incredible, and it’s no surprise that the Marble Falls, Texas, real estate market includes numerous luxury homes.
The housing market enjoyed a solid 2022 with a mean listing price of $561,115. The upward trend of housing prices and home values is expected to continue into 2023. Let’s look at the details.
Benefits of living in Marble Falls
Marble Falls, Texas, property is in high demand because there are many luxurious homes on stunning parcels of land. There are several things about the area that compel people to start looking for Lake Marble Falls homes for sale.
Photo courtesy of McAlister Realty
Marble Falls features many large and lavish houses, many of which are adjacent to lakes or rivers. They provide posh comfort with amazing views and access to swimming, boating, water skiing, fishing, and more. In fact, several homes on Lake Marble Falls have docks and boathouses. Swimming pools are another feature of many luxury homes here, and they are often set in large backyards with plenty of room for entertaining, cookouts, lawn games, and gardening.
Outstanding school district
Families considering a Marble Falls, Texas, property will naturally be concerned about the schools in the area. For the younger children, Colt Elementary school has a five-star rating. Marble Falls Middle School and Marble Falls High School educate adolescents and help prepare them for college and beyond. Marble Falls is also home to Central Texas College, and the Highland Lakes campus of Texas Tech University is close by.
Plenty of things to do
Photo courtesy of Visitmarblefalls.org
Marble Falls has many fun activities for the whole family. Those who enjoy outdoor recreational excursions should visit the Hidden Falls Adventure Park, Lake Marble Falls, or Balcones Canyonlands National Wildlife Refuge. Marble Falls is also home to a winery, a brewery, and several excellent restaurants. It’s only an hour away from Austin and a reasonable drive to San Antonio for a day in an urban setting.
The 2022 housing market stats
The month of December saw a median listing price of $465,100 for homes in Marble Falls with 72 homes sold. Sellers were still in an advantageous position as the lack of supply tended to create bidding wars that drove selling prices to higher levels. Higher mortgage rates combined with increased prices made buying a home more difficult for many buyers, and first-timers were hit the hardest. Sales of homes with prices under $300,000 slowed the most, while the luxury market remained robust. Average prices continued to rise through the end of the year.
Housing market predictions for 2023
Looking at the Marble Falls real estate market, we expect the trends of the previous year to continue. As an upscale community, it has a large market of luxury homes and generally is not impacted by the economic factors that affect more modest houses. The trend should continue to favor sellers in the upscale housing market due to three key factors.
Given the many upsides to living in Marble Falls — the weather, beautiful countryside, good schools, and proximity to Austin — new residents will continue seeking homes in this community. The majority of buyers will be those with large incomes who are looking for high-end, luxury houses. These houses will remain in high demand and the number of potential buyers may increase.
The number of homes on the market will likely stay in short supply. There are new construction projects planned for 2023 but these are mostly commercial properties, apartment complexes, or lesser-priced homes. The number of luxury houses on the market will remain limited and bidding wars may lead to higher selling prices. Thus, the trend of a seller’s market, which has grown over the past decade, is expected to continue throughout 2023. Sellers may also be willing to wait longer to make a sale because finding their next home may take more time. This may be a state-wide trend while Marble Falls is expected to be near the top of Texas communities in rising home values and selling prices.
Mortgage and interest rates
Interest rates in Texas are expected to rise and mortgages may be more difficult to qualify for. First-time buyers are projected to be the group most impacted as well as people with lower incomes looking for smaller homes. This may lower demand and prices in that category. However, the luxury market should not feel the impact much because these buyers generally don’t have trouble obtaining a mortgage.
Whether you are selling your Marble Falls home or looking to buy one, contact McAlister Realty for professional guidance in the 2023 real estate market.
*Header photo courtesy of McAlister Realty
*Header photo courtesy of McAlister Realty