The 2013 real estate market in Princeton, Texas experienced substantial growth and dynamism, reflecting both increased demand and a diverse inventory. This analysis examines 179 single-family home sales, highlighting pricing, property features, market efficiency, and standout transactions that shaped the year.

Total Homes Closed

• Closed transactions: 179 homes sold, up 17.8% from 152 homes sold in 2012.
• New construction: 39 newly built homes sold, exceeding the 32 recorded in 2012.
• Homes with pools: Sales remained consistent with 7 homes with pools sold, matching the 2012 volume.

Property Pricing Insights

Pricing trends reflected stronger buyer demand and a wider market range throughout 2013:

• Minimum price: $18,674 (down from $21,000 in 2012).
• Maximum price: $675,000 (a sharp increase from $399,000 in 2012).
• Average price: $139,479, showing a 12.8% rise from $123,624 in 2012.
• Median price: $139,900, higher than 2012’s $122,500.

This noticeable increase in pricing indicates heightened buyer activity and willingness to invest in premium properties.

Property Size and Features

Home features in 2013 offered a balance of space and variety to meet buyer preferences:

• Bedrooms: Properties averaged 3 bedrooms, ranging from 2 to 5 bedrooms.
• Bathrooms: Most homes included 2 full bathrooms, with totals ranging from 1 to 5 bathrooms.
• Square footage: Sizes ranged between 832 sqft and 4,026 sqft, with an average of 1,834 sqft.
• Lot sizes: Average lot size slightly decreased to 0.729 acres, though properties ranged up to a significant 32.8 acres.

Market Dynamics

Key metrics reveal a faster and more competitive real estate market in 2013:

• Days on Market (DOM): Homes sold at an average of 51 days, down from 69 days in 2012.
• ClsPr/LstPr Ratio: The close-to-list price ratio improved to 98.51%, indicating minimal price reductions.
• ClsPr/OLP Ratio: Original listing price ratio increased to 97.29%, up from 92.33% in 2012.
• Average price per sqft: $75.16, reflecting a consistent rise from $63.61 in 2012.

These metrics highlight growing homebuyer competition and confidence in the market.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2013

Electricity prices increased to $0.12 per kilowatt-hour in 2013, compared to $0.11 in 2012. This slight rise might have led consumers to reassess their energy usage and consider more energy-efficient homes. Real estate agents likely saw growing interest in properties with features like modern insulation or smart energy systems, which could offset rising utility expenses.

Average Price for Regular Gasoline in Texas in 2013

Gas prices decreased to $3.32 per gallon in 2013, down slightly from $3.42 in 2012. This minor drop helped ease transportation costs for homebuyers. With slightly lower fuel expenses, potential buyers may have been more open to properties in suburban areas, especially if housing prices were more competitive than in urban locations.

Average 30-Year Fixed Mortgage Rate in 2013

Mortgage rates inched up to 4.16% in 2013 from 3.88% in the prior year. While the increase wasn’t drastic, it may have nudged some homebuyers to act sooner rather than later to secure financing. Homebuyers are encouraged to work with local mortgage loan originators to ensure they understand their borrowing capabilities and can lock in competitive rates with ease.

Curious about today’s mortgage 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 Real Estate Market Analysis for Princeton, TX in 2013

2013 real estate market in Princeton, TX exemplified positivity with an 17.8% sales volume increase and a significant rise in average property prices. Properties sold quickly as competition intensified, with homes spending 51 days on average on the market. Pricing trends showed a surge in high-end transactions, as evidenced by the $675,000 luxury home sale. Meanwhile, the typical home maintained its affordability with mid-range prices and modest sizes.

The Importance of Statistical Data in Princeton, Texas Real Estate Market

Did you know that appraisers and Realtors rely on historical statistical data to determine a property’s current value?

Analyzing historical market data is essential for making informed decisions in today’s real estate market. Examining past trends provides valuable insights that facilitate accurate pricing, more strategic negotiations, and a comprehensive understanding of market dynamics. By understanding market dynamics, both homebuyers and home-sellers can leverage the conditions to achieve their goals.

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping buyers and sellers navigate the exciting real estate landscape in Princeton, 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 Princeton, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Princeton, TX: 2003 to Present