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A daily look at the most significant and interesting stories affecting Austin. Written by Nicole Cobler and Asher Price.

Axios Austin Thought Bubble

Axios Austin

The median home sale price in Austin is $499,995, according to the latest from the Austin Board of Realtors.

State of play: We wanted to see what you can buy for less than that price tag, so here are three options around $300,000 in three different neighborhoods:

Specs: 2 beds, 2 baths, 1,141 square feet.

Features: Light-filled interior, open layout, fenced-in yard, new flooring and paint, one-car garage.

Listing agent: Alexander Tapp at Compass RE Texas, LLC.

yellow house in austin texas for sale around $300K

yellow house in austin texas for sale around $300K bed

Specs: 4 beds, 2.5 baths, 1,529 square feet.

Features: New construction, two-story townhouse, covered patio, large fenced-in yard, four (!!) bedrooms, community pool and amenities. 

Listing agent: Jaymes Willoughby at Keller Williams Realty.

new townhouse for sale in austin around $300K

Specs: 3 beds, 2 baths, 1,293 square feet.

Features: Buildable plan in Millcreek community, covered patio, open kitchen with island, smart features. 

Listing agent: Carmen Downs at DR Horton.

House hunt: What $300,000 gets you in the Austin area now

We wanted to see what you can buy for less than $300,000, so here are three options.

what $300k gets you in austin real estate right now

Texas

The median home sale price in Austin is $499,995, according to <a class="gtmContentClick" data-vars-link-text="the latest from the Austin Board of Realtors" data-vars-click-url="https://www.abor.com/news-center/market-stats" data-vars-content-id="9f798341-1752-4709-b810-234cec113f15" data-vars-headline="House hunt: What $300,000 gets you in the Austin area now" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.abor.com/news-center/market-stats" target="_blank">the latest from the Austin Board of Realtors</a>.State of play: We wanted to see what you can buy for less than that price tag, so here are three options around $300,000 in three different neighborhoods:

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Warm weather has returned, which means we're ready to get our steps in. 

What to do: Here are a few walking trails to add to your rotation. 

Walk along this trail system that follows Shoal Creek as it flows parallel to North Lamar and meanders through Pease Park toward downtown. The trail drops off at the Ann and Roy Butler Hike-and-Bike Trail at Lady Bird Lake.

Of note: Ongoing construction at the north end of the trail will briefly require you to pop out onto the sidewalk at North Lamar.

Length: 5.5 miles for an out-and-back stroll.

Parking: Street parking at 31st Street, downtown or Pease and Duncan parks (the trail crosses through both of these).

Hop on this paved, multi-use trail in East Austin for the days when you want a long, leisurely stroll.

Walnut Creek Trail. Photo courtesy of AllTrails

This trail is a little more challenging than your average neighborhood walk, but the views are a little more rewarding.

Pro tip: Begin at the Spyglass entrance and follow the trail down toward The Flats or Campbell's Hole, two popular swimming holes.

Parking:  Zilker Park (2100 Barton Springs Road) or Loop 360 (3755-B Capital of Texas Highway, middle of trail).

Also called Lady Bird Lake Trail, this route takes you around Lady Bird Lake, with views of downtown Austin.

Pro tip: There's plenty of free parking along Pleasant Valley. Follow the trail as it runs parallel to East Riverside Drive and turns into a stunning boardwalk with skyline views.

Parking: Zilker Metropolitan Park (2100 Barton Springs Road), Shoal Beach Park (707 W. Cesar Chavez St.), Auditorium Shores Park (900 W. Riverside Drive) and Longhorn Shores Park (60 S. Pleasant Valley Road).

McKinney Falls offers nearly 9 miles of trails, where you can enjoy Onion Creek flowing over limestone ledges.

Pro tip: Take a dip at the Upper Falls before continuing across the rocky moonscape of cratered limestone.

The Onion Creek trail runs nearby — a perfect loop trail for hiking, mountain biking and trail running:

5 walking trails near Austin

Lady Bird Lake Trail. Photo courtesy of AllTrails

Warm weather has returned, which means we&#x27;re ready to get our steps in. What to do: Here are a few walking trails to add to your rotation.

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With its saturated jewel tones and warm walnut woods, this townhouse is a sleek, Scandinavian-inspired dream brought to life by Austin-based interior designer Christine Turknett.

The basics: At 2,029 square feet, the three-bedroom, three-bathroom townhouse is located in Westlake, just west of downtown Austin.

Turknett, owner and principal of Breathe Design Studio, led the interior design effort. 

Alterstudio was the architect, and Becky Fuller Homes was the builder. Both companies are based in Austin.

Inspiration: The homeowner wanted her entire house to feel like a cozy reading nook, so deep colors and wood were essential to the design, Turknett says.

"She wanted her primary bedroom to be like a bat cave," Turknett says. 

Design: To achieve the moody look, Turknett went with a low-contrast, dark blue and green color palette. She added warm wood tones and soft, natural textiles to bring in the cozy feel. 

In the bedroom, simple, automated window shades and navy geometric patterns on dark turquoise wallpaper by Makelike Design set the tone.

Given the homeowner's love for books (and curling up with her cats), a reading space was essential. 

Turknett put an Eames lounge chair in the living room and added floor-t0-ceiling velvet draperies that also function as blackout curtains. 

austin home tour moody modern townhouse exterior

Photo: Lenoid Furmansky, courtesy of Breathe Design Studio

austin home tour moody modern townhouse  stairs

austin home tour moody modern townhouse living room

austin home tour moody modern townhouse corner seat

austin home tour moody modern townhouse  shelves

austin home tour moody modern townhouse  kitchen

The kitchen, by architecture firm Alterstudio, won the 2019 design award from the Austin Chapter of the American Institute of Architects. Photo: Lenoid Furmansky, courtesy of Breathe Design Studio

austin home tour moody modern townhouse  dining room

austin home tour moody modern townhouse  primary bed

austin home tour moody modern townhouse  bed

austin home tour moody modern townhouse  exterior outside

Austin home tour: See inside this moody, modern Westlake townhouse

With its saturated jewel tones and warm walnut woods, this townhouse is a sleek, Scandinavian-inspired dream.

austin home tour modern townhouse in westlake hills

Real estate

With its saturated jewel tones and warm walnut woods, this townhouse is a sleek, Scandinavian-inspired dream brought to life by Austin-based interior designer Christine Turknett.The basics: At 2,029 square feet, the three-bedroom, three-bathroom townhouse is located in Westlake, just west of downtown Austin.

Data: Dwellsy; Chart: Axios Visuals/Axios

With a median rent for new listings of $2,930, Austin is still one of the most expensive cities for renters, per the latest from rental company Dwellsy.

Why it matters: Already-expensive rents have climbed in 2022, making it harder for people to afford housing close in.

By the numbers: Among the thousands of Austin-area listings posted through Dwellsy, asking price for rent increased 86.3% (!) from August 2021 to August 2022, the report showed, making Austin the fifth-most expensive metro area in the country.

And it ranked No. 5 in the list of Dwellsy cities where rents grew the fastest.

Driving the news: Demand for rental single-family homes is driving the market, per Dwellsy. Rent prices for those homes are up more than 36% year over year, while apartment rent has risen only 4.7%.

Yes, but: Rents could finally be peaking. Realtor.com's latest report shows August median rental prices nationwide were down from July — the first decrease since November 2021, Axios' Emily Peck writes.

The big picture: Many would-be buyers are stuck renting as surging mortgage rates make buying a nonstarter.

High demand and critically low supply drives rents up.

Once landlords realize they can charge more for a unit, "they're going to keep increasing the price to capture as much profit as they can," Redfin chief economist Daryl Fairweather told Peck in an earlier story.

🏆 Pro tip: Check out our one-minute guide to negotiating better rent. 

Editor's note: This story was corrected to clarify that the median rent data was based on active listings from Dwellsy, not all rental units.

Austin is one of the worst cities for renters

The average rent increased 86.3% (!) from August 2021 to August 2022.

With a median rent for new listings of $2,930, Austin is still one of the most expensive cities for renters, per <a class="gtmContentClick" data-vars-link-text="the latest" data-vars-click-url="https://dwellsy.com/blog/rent-price-data/" data-vars-item="in_content_link" href="https://dwellsy.com/blog/rent-price-data/" target="_blank">the latest</a> from rental company Dwellsy.Why it matters: Already-expensive rents have climbed in 2022, making it harder for people to afford housing close in.

Mortgage rates surpassed 5% — their highest in more than a decade, according to data shared by Freddie Mac. 

Why it matters: Low mortgage rates made buying in a sellers' market more affordable in the pandemic. 

This March, median home sale values in Austin were up 23% year over year, and now borrowing money is more expensive, too. 

Already fatigued buyers could be priced out of the market. 

Data: Freddie Mac, Redfin; Chart: Simran Parwani/Axios

State of play: A year ago, mortgage rates were at 2.97%. In late April, they sat at 5.11%.

If you took out a $300,000, 30-year mortgage loan in April 2021, your monthly principal and interest would be around $1,260, according to numbers shared by Freddie Mac. 

Your monthly payment on a $300,000, 30-year loan this April (at 5.11%) would be $1,631. 

That's $371 more per month; $4,452 a year; and $133,560 more over the life of your loan.

What's next: Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast. 

If demand cools because of rising rates, housing prices could stabilize. 

We're still in a supply crunch, so inventory would have to catch up to the remaining demand for prices to actually cool.

Surging mortgage rates make homebuying more expensive for Austin

This March, median home sale values in Austin were up 23% year over year, and now borrowing money is more expensive, too.

Illustration of a house's roof being taken off by a trend line soaring upward through the home

Mortgage rates surpassed 5% — their highest in more than a decade, according to data shared by Freddie Mac. Why it matters: Low mortgage rates made buying in a sellers&#x27; market more affordable in the pandemic.

Brianna Crane

Featured stories

Austin is one of the worst cities for renters

Surging mortgage rates make homebuying more expensive for Austin

Austin home tour: See inside this moody, modern Westlake townhouse

5 walking trails near Austin

House hunt: What $300,000 gets you in the Austin area now