Market Overview for Rainey Street Historic District

There are 96 active listings in Rainey Street Historic District with a median list price of $758K and a median sold price of $650K.

Homes average 170 days on market.

Over the past 30 days, 6 homes have sold, with 57 sales in the past 12 months.

The average price per square foot is $837.

About Rainey Street Historic District

The Rainey Street Historic District is located in the southeast corner of downtown Austin, Travis County, between Cesar Chavez Boulevard (formerly Water Street) to the north and Lady Bird Lake (the Colorado River) to the south, near Interstate 35. The district was added to the National Register of Historic Places on September 17, 1985 (Reference No. 85002302), with a period of significance spanning 1875 to 1949 and recognized areas of significance in architecture, including Bungalow/Craftsman and Gothic styles.

The neighborhood was created in 1884 when cattle baron Jesse Driskill and Frank Rainey subdivided 16 acres between Water Street and the Colorado River. The historic district runs from 70 to 97 Rainey Street. Early residents were middle-class tradespeople; by the 1920s, wealthier residents moved to northern and western suburbs and the area transitioned to working-class housing. A 1935 flood damaged or destroyed many original homes. The district was listed on the National Register amid fears of high-density commercial and residential redevelopment.

In 2004, the City of Austin rezoned Rainey Street as part of the Central Business District to encourage development near the Austin Convention Center. Since then, many of the historic bungalows have been converted into bars and restaurants, while surrounding parcels have seen high-rise residential tower construction. The area has become one of Austin's concentrated entertainment districts while also adding significant residential density through condo and apartment towers.

The Austin Convention Center is at 500 East Cesar Chavez Street, immediately north of the district. Waller Creek flows into Lady Bird Lake near the southeastern end of Rainey Street.

Living in Rainey Street Historic District

Rainey Street offers urban living in downtown Austin with immediate access to Lady Bird Lake and the Ann and Roy Butler Hike-and-Bike Trail, a 10.1-mile paved trail that circuits the lake. The district's location puts residents within a short distance of the central business district, the Austin Convention Center, and the East Cesar Chavez commercial corridor.

The area is served by Austin Independent School District (Austin ISD). Residents south of 15th Street in the downtown zone are zoned to Mathews Elementary School, O. Henry Middle School, and Austin High School.

Housing on Rainey Street is predominantly high-rise condominiums and apartments built since the 2004 rezoning, with remaining historic bungalows operating as commercial venues. The converted bungalows house bars and restaurants including Banger's Sausage House and Beer Garden, Container Bar, and Half Step, among others. The ground-floor retail and entertainment create a mixed-use character distinct from other downtown residential areas.