Bastrop Entry-Level Homes: Can Buyers Still Afford?

What does it take to buy an entry-level home in Bastrop today? With the median closing price for the bottom quartile of sales at $384,900 across 45 closed sales in October, affordability remains a central question for buyers facing current mortgage rates. ALEX Intelligence analyzed the bottom price quartile of local sales to determine the entry-level threshold. In October, the median sale price for these homes was $384,900. Using the Freddie Mac primary mortgage market rate of 7.24% for a 30-year fixed loan with 20% down, the principal and interest payment on this median price is approximately $2,098 per month. This represents a significant shift from the prior period, where the median entry-level price was effectively flat at $385,000, but the market has seen a 46.6% increase in days on market for these properties compared to last month. The time it takes to sell an entry-level home has stretched to 85 days, up from 58 days in September. Buyers should note that while prices have remained stable year-over-year with a 2.6% increase, the higher interest rate environment means monthly payments are elevated compared to previous years. The median price per square foot for these homes is $183, slightly down 7.6% from last year, suggesting some value in the size of the home despite the rate impact. For those considering a buydown, a 3-2-1 buydown could reduce the initial payment to $1,513 in the first year, costing roughly $14,268 total, while a 2-1 buydown would cost about $7,248. These tools can help bridge the gap between current rates and affordability for entry-level buyers in Bastrop. Want a closer look? Reply or call George at 713.918.9951 and we'll set up a showing. Data from Unlock MLS. Information deemed reliable but not guaranteed. Model outputs are ALEX Intelligence estimates, not appraisals. Read more Central Texas market data on the ALEX blog: https://alex-companies.com/blog