BASTROP COUNTY, Texas — Home values in Bastrop County are up 13.5% on average this year, according to new data from the Bastrop Central Appraisal District.
The data show single family residence values increased by 17.1%, multifamily home values rose by 9.4%, vacant lot values went up 53%, commercial property values grew 22.7% and agriculture market land values increased 12.1%, according to KVUE’s media partners at the Austin American-Statesman.
The average home value in the county has risen from $203,594 last year to $230,995 this year, a 13.5% increase.
“We are required to value property at its market value, what it would sell for,” Chief Appraiser Faun Cullens told the Statesman. “Some property owners will see significant increases in their market value due to the local housing market's lack of supply and high demand – 2020 values increased to reflect what homes and land are selling for in Bastrop County. The percent of increase will vary throughout the county as there are different markets. Single family homes on average increased 17.1232% countywide.”
The City of Bastrop saw its average home value jump from $213,907 in 2020 to $235,361, while in Smithville, the average home value went from $177,680 in 2020 to $206,225 – an increase of 16%. Elgin’s average home value went from $173,212 to $197,183, a 13.8% increase.
Cullens put the trend down to an influx of home buyers fleeing higher property prices in Austin, along with a low supply of inventory.
“The trend will follow the market,” Cullens told the Statesman. “If properties continue to see an upward trend in the year over year median sale price, yes, the values will continue to go up. If the sales become stable, the values will become stable, if the property’s value reflected market value to begin with. Same if there were to be a decline in the market.”
Those who don’t believe the value of their property reflects its market value have until May 17 to file a protest with the appraisal district.
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