The real estate market of 2010 in Prosper reflected a dynamic period for residential single-family homes. This analysis provides valuable insights into pricing trends, home features, and market performance, allowing us to better grasp the area’s real estate landscape. Whether you’re buying or selling property, understanding these trends is crucial to make informed decisions.

Total Homes Closed

A total of 231 homes were closed in Prosper, TX in 2010. Notably, 88 homes were new constructions, reflecting an active development market. Additionally, 48 homes featured pools, meeting the demand for lifestyle-oriented buyers.

Property Pricing Insights

• Minimum Price: $97,000
• Maximum Price: $875,000
• Average Price: $354,201
• Median Price: $325,000

Pricing data shows that while the majority of properties were in the mid-range, both entry-level and luxury homes found buyers.

Property Size and Features

• Bedrooms & Bathrooms: Most homes averaged 4 bedrooms and 4 bathrooms, making them suitable for families.
• Square Footage: Homes ranged from 876 sq. ft. to 7,262 sq. ft., with an average of 3,610 sq. ft.
• Lot Size: Though lot sizes varied significantly, most of them featured manageable spaces suitable for urban living. The largest lot was nearly 5 acres.

Market Dynamics

• Days on Market (DOM): Homes averaged 97 days from listing to closing, though the median DOM stood lower at 63 days, showing faster sales for prime properties.
• Average ClsPr/LstPr & ClsPr/OLP Ratios: Properties sold at 96.82% of their listing price on average and 93.56% of the original listing price, reflecting realistic pricing strategies by sellers.
• Average Price Per Square Foot: $96.47, a key metric for evaluating property value.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2010

Electricity costs decreased further to $0.12 per kilowatt-hour in 2010, down from $0.13 in 2009. The drop allowed households to manage monthly budgets a bit more effectively. For real estate, affordability in utility costs could make energy-conscious homes an easier sell, particularly as homebuyers explored long-term cost savings.

Average Price for Regular Gasoline in Texas in 2010

Gasoline prices rebounded slightly, averaging $2.64 per gallon in 2010, compared to $2.21 in 2009. The rise in fuel costs likely pushed many homebuyers to evaluate commute expenses alongside their home budgets. Urban areas and transit-centered communities may have seen increased interest as reliable transport options became a key factor.

Average 30-Year Fixed Mortgage Rate in 2010

Mortgage rates declined further to 4.86% in 2010, offering favorable conditions for potential homebuyers. This drop made monthly payments more manageable and contributed to a gradual recovery in the housing market. Pre-approvals with local mortgage loan originators were essential for homebuyers to confidently pursue homes in competitive markets.

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Summary of Real Estate Market Analysis for Prosper, TX in 2010

The 2010 real estate market in Prosper, Texas offered a range of opportunities for both homebuyers and sellers, each facing unique considerations.

Homebuyers’ Perspective

For homebuyers, the market provided a wide variety of options, from affordable homes to luxury properties. The presence of new construction homes (38% of total sales) and homes with pools catered to specific lifestyle desires. With average mortgage rates of 4.86% and homes selling quickly, buyers needed to act decisively while remaining mindful of competitive price points. The data shows that smart decisions were rewarded, especially for those who focused on well-priced properties with added value.

Home Sellers’ Perspective

For home-sellers, the high close price-to-list price ratio (96.82%) reflected a market where realistic pricing strategies often led to successful outcomes. This efficiency, coupled with the median days on market at just 63 days, demonstrated that properly prepared and marketed homes could sell quickly. However, overpricing posed risks, as indicated by the slightly lower close price-to-original listing price ratio (93.56%). Sellers who accurately gauged buyer demand and aligned their expectations with market dynamics reaped the maximum rewards.

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

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

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

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Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!