Approximately five miles south of downtown Austin is an area locals are now referring to as St. Elmo. This area which has previously been referred to as East Congress encompasses the subdivisions of Greenwood Hills, Battle Bend and Colonial Trails. In recent years, Austinites have begun referring to this area as St. Elmo. The Yard at St. Elmo
opened a few years ago- transforming a previously industrial space into a mixed use site with a variety of amenities including restaurants, a co-working space, and a fitness studio, as well as a distillery and brewery.
Additionally, the St. Elmo Public Market
will open next year. The mixed use space will feature offices and retail as well as a large open indoor/outdoor market similar to the Chelsea Market in New York City.
With the commercial growth in this area, you would expect pricey homes. However, homes in the St. Elmo neighborhood are still relatively affordable. In the past year, homes in this area sold for approximately $315K on average. On average, these homes were 1,311 square feet, featuring 3 bedrooms and 2 baths, and were built in 1975.
Considering that the median price for a single family home in the City of Austin was right around $350K last month, the St. Elmo neighborhood is still relatively affordable. Many of these homes may need a bit of a face lift to bring them up to current design standards, but they also offer a great investment opportunity.
Developers of the Market at St. Elmo envision the space as becoming a must visit hot spot for locals and tourists alike. If the St. Elmo district explodes as expected, home prices will surely rise. Thinking about purchasing a home in Austin’s St. Elmo neighborhood? Click here to take a look at all St.Elmo homes currently for sale