Upscale housing is coming to a fast-growing suburb about 25 miles north of the state capital of Texas, courtesy of a major homebuilder.
Tri Pointe Homes said it has acquired land for two neighborhoods about three miles apart in Leander, Texas, outside Austin. The Ridgeview Reserve and Noven developments, set to offer a combined total of 150 homes on 70-foot lots, are due to launch sales next summer. Prices are expected to be in the $700,000s.
Leander's population stands at 87,511after having grown by 44% since 2020, according to the latest figures from the U.S. Census. It was the region’s fastest-growing city between July 2023 and July 2024, according to Israel Linares, a senior market analyst for Homes.com and CoStar.
While Tri Pointe's developments would likely attract move-up and baby boomer buyers, Leander has become a popular destination for families seeking quality schools and more affordable homes, Linares wrote in an analysis for CoStar. He also noted that more retail amenities and services are coming to the city’s fast-developing corridor that includes Ronald Reagan Boulevard and the 183 and 183A roadways.
"Affordability continues to be a driving factor in supporting the migration and housing growth in Austin suburbs," Linares told Homes.com. "But Leander has stood out from other suburban cities in Austin because it offers a good balance of affordability, spaciousness, access to jobs and a family-friendly environment."
Austin market softens
The Austin metropolitan area's median home price for all property types rose 2.6% in August compared to a year earlier, according to Homes.com data. The increase followed a 4.2% annual decline in July, with only San Antonio having a larger decline among the 40 largest U.S. housing markets.
Relatively high mortgage rates and overdevelopment have been major factors in the cooling of Austin's housing market, analysts say.
But Tri Pointe believes Leander will continue to grow, according to Bryan Havel, division president of Tri Pointe Homes in Austin.
"Mirroring its population growth, Leander’s economy is robust, fueled by a strong job market, its proximity to Austin, and its dedication to expanding and improving its infrastructure and transportation systems," Havel said in a statement.
Both Ridgeview Reserve and Noven will feature one- and two-story designs, and the homes are expected to range between 3,500 and 4,400 square feet and have as many as six bedrooms, according to Tri Pointe. Select plans will offer lofts, media rooms, three-bay garages, home offices, dual kitchens and outdoor living areas.
Tri Pointe sold 6,460 homes last year, ranking as the 15th-largest U.S. homebuilder, according to Builder Magazine. Tri Pointe operates in 12 states and in Washington, D.C.
The company launched in 2009 in Irvine, California, and later moved its headquarters to Incline Village, Nevada.