The real estate market in Blue Ridge, TX during 2004 demonstrated consistent activity, with a diverse range of homes catering to different buyer needs. From entry-level homes to more luxurious properties, the community presented opportunities for homeowners and investors alike.
Key Takeaways and Trends from Blue Ridge, TX’s 2004 Real Estate Market
1. Wide Pricing Range: The 2004 real estate market in Blue Ridge, TX displayed an extensive range of property prices. This pricing spectrum underscored the variety of homes available, catering to diverse buyer needs—from first-time homeowners seeking affordable options to families and individuals looking for upscale residences.
2. Market Efficiency: The real estate market remained efficient throughout 2004. The Close Price to Listing Price ratio (ClsPr/LstPr) averaged at 95.61%, and the Close Price to Original Listing Price ratio (ClsPr/OLP) stood at 92.19%. These metrics highlight the ability of sellers and agents to close deals near their asking prices.
3. Unique Outliers: Two specific extremes caught attention in the 2004 data. On one end were compact homes starting at just 800 square feet and priced under $30,000, providing an attainable entry point for buyers. On the other were luxurious properties like the top-tier residence sold for $343,000, an expansive 4,589-square-foot home with premium features. These outliers emphasize both the inclusiveness of the market and the opportunity for growth across various property tiers. Such diversity affirms Blue Ridge, TX’s appeal to a broad spectrum of buyers.
Total Homes Closed
The market recorded 21 closed single-family residences over the year, reflecting steady demand and engagement in the housing sector.
Property Pricing Insights
Property prices in 2004 showcased a wide spectrum:
- Minimum Price: $25,900 – Representing entry-level options or properties requiring significant updates.
- Maximum Price: $343,000 – Highlighting the upper tier of the market.
- Average Price: $130,261 – Offering an overview of the typical property price in the area.
- Median Price: $122,564 – Providing insight into mid-market affordability.
This diversity in pricing highlights the mix of affordable and high-value properties available in Blue Ridge, TX
Property Size and Features
The typical single-family home in Blue Ridge, TX reflected suitability for families and varied lifestyles:
- Average Bedrooms: 3
- Average Bathrooms: 2
- Average Square Footage: 1,939 SqFt
The properties ranged from a modest 800 sq. ft. to a spacious 4,589 sq. ft., accommodating buyers seeking cozy homes or expansive spaces.
Market Dynamics
Market performance metrics provided key insights into transaction dynamics:
- Days on Market (DOM):
- Average DOM: 90 days
- Median DOM: 79 days
- Average ClsPr/LstPr (Close Price to Listing Price) Ratio: 95.61%
- Average ClsPr/OLP (Close Price to Original Listing Price) Ratio: 92.19%
- Average Price per SqFt: $64.54
These figures indicate a relatively efficient market, with most properties selling close to their listing price within a reasonable timeframe.
The steady turnover and pricing trends offered buyers and sellers a balanced market environment.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2004
In 2004, the most expensive property sold in Blue Ridge, TX was a stunning custom-built single-family home, priced at $343,000. Spanning an impressive 4,589 square feet of living space on a sprawling 6.8-acre lot, this luxurious residence offered 4 bedrooms and 5 bathrooms, perfectly blending comfort with sophistication.
Highlights of the transaction metrics:
Price: $343,000
Bedrooms: 4
Bathrooms: 5 (4 Full, 1 Half)
Square Footage: 4,589 sq ft
Lot Size: 6.8 acres
Days on Market (DOM): 86 days
ClsPr/LstPr (Close Price to Listing Price) Ratio: 95.41%
ClsPr/OLP (Close Price to Original Listing Price) Ratio: 95.41%
Year Built: 1993
What set this property apart was not just its generous size but its premium finishes and distinctive charm, establishing it as a standout in Blue Ridge, TX’s real estate market. Its sale was a notable milestone in the year’s housing activity, underscoring the strong demand for upscale homes in the area.
Economic context
The economic context in Blue Ridge, TX during 2004 played a crucial role in shaping its real estate landscape.
Average Electricity Costs in Dallas-Fort Worth in 2004
Electricity costs averaged $0.10 per kilowatt hour in 2004, reflecting a small uptick in household energy expenses compared to the prior year. This minor rise could have drawn attention to the energy efficiency of homes on the market, particularly among cost-conscious buyers. Homes with modern systems or energy-efficient features might have seen an added appeal, providing value-focused options to prospective homeowners.
Texas Average Gas Prices in 2004
With an average gas price of $1.73 per gallon, transportation costs, while slightly higher than the previous year, remained reasonable for most residents. This modest increase may have influenced the preferences of some buyers, favoring homes closer to amenities or workplaces and potentially increasing interest in centrally located properties.
Average 30-Year Fixed Mortgage Rate in 2004
The average 30-year fixed mortgage rate held steady at 5.88%, maintaining overall affordability in the housing market. This stable and relatively moderate rate likely encouraged continued buyer activity, enabling a broader spectrum of individuals to consider homeownership. Combined with the variety of price points available in Blue Ridge, TX’s real estate market, these economic factors supported a balanced environment for buyers and kept transactions moving efficiently throughout the year.
Curious about today’s rates and the home you can comfortably afford?
Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.
Summary of Differences Between 2004 and 2003 Real Estate Data for Blue Ridge, TX
The comparison of Blue Ridge’s real estate data between 2003 and 2004 revealed several key differences and trends:
Beds and Baths: The minimum number of bedrooms dropped from 3 in 2003 to 2 in 2004, and bathrooms reduced from 2 to 1. This indicates the inclusion of smaller and more affordable properties in 2004.
Square Footage: Homes were slightly smaller overall in 2004, with a decrease in both minimum (-463 sq. ft.) and average (-170 sq. ft.) sizes. However, the median home size showed a slight increase (+22 sq. ft.), signifying stability in typical property offerings.
Lot Size Area: While minimum lot sizes remained unchanged, the maximum in 2004 expanded significantly (+9.96 acres), highlighting some larger properties entering the market. Average lot sizes, however, remained nearly consistent.
Current Price: Property prices experienced a notable decline. The maximum price dropped dramatically by $304,000, from $647,000 in 2003 to $343,000 in 2004. Average prices fell by $35,885, and median prices decreased by $9,936, signaling a shift toward more affordable housing options that year.
Price per Square Foot (Pr$/SqFt): On average, the price per square foot fell by $11.93, indicating slightly lower pricing across the market in 2004.
ClsPr/LstPr and ClsPr/OLP Ratios: The ratios of close price to listing price and original listing price fell slightly in 2004, with ClsPr/LstPr dropping by 1.31% and ClsPr/OLP by 1.92%. This indicates that buyers were negotiating slightly lower prices than the listed amounts compared to the previous year.
Days on Market (DOM): Homes sold faster in 2004, with the average DOM dropping from 98 to 90 and minimum DOM falling significantly to just 1 day, down from 14 in 2003. This reflects an increase in market activity and efficiency.
Year Built: Older homes entered the 2004 market, as the minimum year built dropped by 17 years to 1958. The averages and medians showed little change, showcasing overall stability in property age.
These findings highlight a market trend in 2004 favoring smaller, more affordable homes while maintaining efficiency in sales. The notable drop in top-end prices suggests a shift in demand or fewer luxury properties being sold during the year.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2004
The 2004 real estate market in Blue Ridge, TX offered a well-balanced environment, characterized by diverse property options and steady activity. With 21 single-family homes sold, the market catered to varying needs, from entry-level buyers to those seeking upscale residences. Property prices ranged significantly, and the average home featured 3 bedrooms, 2 bathrooms, and nearly 2,000 square feet of space, ensuring broad appeal.
Market efficiency was evident through swift transactions, competitive pricing, and strong Close Price to Listing Price ratios, reflecting a stable demand. Favorable economic conditions, including manageable gas, electricity, and mortgage rates, further encouraged local market activity. Buyers benefited from affordability and variety, while sellers capitalized on steady demand.
For both buyers and sellers, the flexibility and efficiency of Blue Ridge, TX’s market in 2004 created ample opportunities to achieve their real estate goals.
Why Statistics Data is Important
Understanding past market data is essential for making informed decisions in today’s real estate landscape. Historical statistics provide a foundational perspective on trends, aiding in fair pricing and negotiation.
Unlock Exceptional Service!
Assistance with all your real estate needs in the Dallas-Fort Worth area is just a click or call away. Reach out at 214-940-8149 or connect through the links below.
Oleg Sedletsky REALTOR® in Blue Ridge, Texas. Call/Text 214.940.8149
I’m Oleg Sedletsky, and I’m excited to introduce myself as your go-to full-time licensed Texas REALTOR® and Mortgage Loan Originator.
I proudly represent JPAR® – Real Estate Brokerage as a REALTOR® and Utopia Mortgage LLC as a Mortgage Loan Originator! My designations and certifications reflect my dedication to helping you achieve your real estate goals in Blue Ridge, TX and other locations in the vibrant Dallas-Fort Worth area!
My commitment to ongoing professional development means I’m always enhancing my skills to serve you better. You can count on me as your trusted expert throughout your real estate journey. Plus, I’m fluent in English, Ukrainian, and Russian and ready to assist you every step of the way!
It’s All About You and Your Real Estate Dreams!
My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals and turn your dreams into reality!
I’m passionate about helping buyers and sellers navigate the exciting real estate landscape in Blue Ridge, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.
Contact me today for all your real estate needs in Blue Ridge, Texas! Call/text 214-940-8149
Discover Yearly Real Estate Market Trends for Blue Ridge, TX
Blue Ridge, TX Real Estate Market in 2003
Blue Ridge, TX Real Estate Market in 2004
Blue Ridge, TX Real Estate Market in 2005
Blue Ridge, TX Real Estate Market in 2006
Blue Ridge, TX Real Estate Market in 2007
Blue Ridge, TX Real Estate Market in 2008
Blue Ridge, TX Real Estate Market in 2009
Blue Ridge, TX Real Estate Market in 2010
Blue Ridge, TX Real Estate Market in 2011
Blue Ridge, TX Real Estate Market in 2012
Blue Ridge, TX Real Estate Market in 2013
Blue Ridge, TX Real Estate Market in 2014
Blue Ridge, TX Real Estate Market in 2015
Blue Ridge, TX Real Estate Market in 2016
Blue Ridge, TX Real Estate Market in 2017
Blue Ridge, TX Real Estate Market in 2018
Blue Ridge, TX Real Estate Market in 2019
Blue Ridge, TX Real Estate Market in 2020
Blue Ridge, TX Real Estate Market in 2021
Blue Ridge, TX Real Estate Market in 2022
Blue Ridge, TX Real Estate Market in 2023
Blue Ridge, TX Real Estate Market in 2024
This market analysis is intended solely for educational purposes. This market analysis is based on data sourced from NTREIS, Inc. This analysis is exclusively focused on single-family homes and does not account for other property types. The total number of real estate transactions within the specified period and location may vary. This market analysis does not account for all new construction home sales. If you need detailed information about recorded property sales or other public records, please contact the appropriate city or county office.