The 2017 real estate market in Princeton, Texas showed strong growth, driven by rising home prices, faster sales, and heightened activity in new construction and premium properties. This analysis dives into sales trends, pricing, property features, and market dynamics in Princeton for a deeper understanding of the year’s real estate landscape.

Total Homes Closed

• Closed transactions: A total of 417 homes sold, a notable increase from 351 in 2016.
• New construction homes: 187 properties, indicating a booming construction sector and rising demand for new developments.
• Homes with pools: Only 6 homes sold with pools, a drop from 12 in 2016, signaling shifting preferences or availability.

Property Pricing Insights

The pricing metrics for 2017 reflect upward trends across the board:

• Minimum price: Dropped slightly to $62,000 from $65,000 in 2016, providing accessibility to budget homebuyers.
• Maximum price: Slightly decreased from $559,700 to $540,000, driven by a shift in luxury segment transactions.
• Average price: Rose 7.7% to $215,261, up from $199,966.
• Median price: Climbed to $215,900, representing an 11.3% increase from $194,000, emphasizing growth in the mid-market range.

Property Size and Features

The 2017 market offered a diverse range of home sizes catering to different buyer needs:

• Bedrooms: Typically 4 bedrooms, steady compared to 2016.
• Bathrooms: Averaged 2 bathrooms, but some homes included up to 5 bathrooms.
• Square footage: Ranged from 720 sqft to 3,799 sqft, maintaining the same average of 1,882 sqft as in 2016.
• Lot sizes: Averaged 0.361 acres, smaller compared to 0.470 acres in 2016, pointing to increasingly denser developments.

Market Dynamics

The overall efficiency of the market improved in 2017, helping sustain competitive conditions:

• Days on Market (DOM): Homes sold in an average of 23 days, slightly higher than the 20-day average in 2016, but still strong.
• ClsPr/LstPr Ratio: Improved marginally to 99.41%, up from 99.53%, sustaining tight seller-buyer negotiations.
• ClsPr/OLP Ratio: Surprisingly spiked to 134.60% from 98.90%, driven by anomalies in overbids and new construction premiums.
• Average price per sqft: Increased to $116.61, a significant 8.4% rise from $107.59 in 2016, showcasing higher property value per unit area.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2017

Electricity prices rose to $0.12 per kilowatt-hour in 2017, after a year at $0.11. This small uptick likely reignited interest in smaller homes or energy-efficient features. homebuyers remained cautious about properties with older energy systems, viewing them as less desirable long-term investments.

Average Price for Regular Gasoline in Texas in 2017

Gas prices increased to $2.19 per gallon in 2017, up from $1.91 in 2016. While still relatively affordable, the rise may have led homebuyers to reconsider the financial trade-offs of suburban living. Proximity to public transportation hubs became a more significant factor during housing searches.

Average 30-Year Fixed Mortgage Rate in 2017

Mortgage rates rose to 4.14% in 2017, up from 3.79% the year prior. The return of higher rates reminded homebuyers of the importance of locking in favorable financing terms early. Pre-approval through local mortgage loan originators remained vital to navigating the shifting landscape effectively and with confidence.

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Summary of Real Estate Market Analysis for Princeton, TX in 2017

The 2017 real estate market in Princeton, Texas reinforced its upward trajectory, boasting increased sales, higher prices, and steady demand for new construction homes. Despite higher costs tied to loans and utilities, the market achieved sustained growth, driven by responsive developments and competitive buyer activity. Looking ahead, the market’s upward trend reflects a healthy balance of affordability and aspirational inventory, setting the tone for continued performance in 2018.

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.

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