Based on what similar homes have actually sold for within a mile, I'd place this property's value at $1,209,607. I'd recommend coming to market at $928,000 to $938,000 to strike the right balance between value and market velocity. Against 3 similar active listings in 78620, this price point lands at the most expensive of 3 comparable homes on the market. The larger floor plan (418 sqft compared to the average comp) is a meaningful differentiator in this price range. The 2.46 acre lot (larger than the 2.42 acre average) is reflected in the estimate. With 3 similar homes currently listed in 78620 (a buyer's market), competition is a factor to consider. The trend in 78620 shows prices have fallen 6.2% in the past 6 months. 500 Dakota Mountain DR, Dripping Springs TX 78620 nearby adjusts to $1,221,318; with a smaller floor plan. Based on 4 relevant data points in 78620, I'm comfortable with this estimate. Without stepping inside, I can only go by what the data shows. An in person look would tell the full story.
Ed Neuhaus, Neuhaus Realty Group | Austin, TX
