The 2018 real estate market in Prosper, Texas revealed a vibrant and dynamic environment with 972 closed sales for single-family homes. The year reflected both growth and evolving buyer preferences, with noticeable trends in pricing, home features, and market efficiency. While the average sales price increased compared to prior years, the market dynamics highlighted some unique outliers and the impact of rising mortgage rates.
Key Takeaways and Trends from the 2018 Real Estate Market in Prosper, TX
1. Pricing Range:
Homes sold in 2018 ranged from $170,000 to $2,150,000, with an average price of $495,673. The median price of $460,000 suggests broad affordability amid a competitive market.
2. Market Efficiency:
The average Days on Market (DOM) of 83 days indicates a moderate pace, with most homes closing within about two to three months. Close price to listing price ratios, averaging 96.26%, show a healthy equilibrium between buyers and sellers.
3. Unique Outliers:
The most expensive property sold at $2,150,000 stands out due to its exceptional size, luxury features, and unique location with creek and greenbelt views. These properties often skew averages in the luxury segment.
4. Mortgage Rates Impact:
The average 30-year fixed mortgage rate rose to 4.70% in 2018, higher than the previous year. This increase likely influenced affordability for homebuyers, though overall sales activity remained robust.
Total Homes Closed
The year ended with 972 closed transactions, demonstrating strong buyer activity. Of these, 524 were new construction homes, and 157 featured pools. These subcategories highlight growing demand for modern builds and homes offering recreational amenities.
Property Pricing Insights
- Minimum Sale Price: $170,000
- Maximum Sale Price: $2,150,000
- Average Sale Price: $495,673
- Median Sale Price: $460,000
The pricing spectrum reflects a mix of affordability and high-end luxury, catering to broad market segments.
Property Size and Features
Bedrooms: Majority of homes had 4 bedrooms.
Bathrooms: A typical property included 4 bathrooms (3 full and 1 half).
Square Footage: Homes ranged from 956 to 11,950 square feet, with an average size of 3,449 square feet.
Lot Size: Lot areas varied widely, with an average of 0.288 acres.
This diversity underscores the appeal of Prosper’s market to both first-time homebuyers and those seeking larger family homes or estates.
Market Dynamics
- Days on Market (DOM): 83 days on average, showing steady demand and reasonable turnover.
- ClsPr/LstPr Ratios: Average ratio of 96.26%, confirming competitive pricing practices.
- ClsPr/OLP Ratios (Close Price to Original Listing Price): 93.79%, reflecting occasional price adjustments during the selling process.
- Average Price per Square Foot: $143.23, illustrating incremental value appreciation.
These figures emphasize a balanced market where sellers negotiate effectively and buyers close transactions within reasonable timeframes.
Insights into the Most Expensive Prosper, TX Property Sold in 2018
The most expensive sale in 2018 was a stunning luxury property that sold for $2,150,000. This home was a true standout in Boban’s market with a combination of high-end features, prime location, and oversized lot.
Key Metrics:
- Price: $2,150,000
- Bedrooms: 5
- Bathrooms: 6 (4 full, 2 half)
- Square Footage: 9,004 square feet
- Price per Square Foot: $238.78
- Lot Size: 3.317 acres
- Days on Market (DOM): 50 days
- ClsPr/LstPr Ratio: 95.56%
- ClsPr/OLP Ratio: 95.56%
- Year Built: 2000
The property’s exceptional value, premium location with water and greenbelt views, and luxurious features—such as an indoor pool complete with a kitchen—have propelled it to the top of the market. While its high price point and quick sale are remarkable, it also highlights the niche but strong demand for luxury homes in Prosper, TX. This outlier could have contributed to a slight skew in average pricing metrics, reinforcing the importance of understanding all market segments.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2018
Electricity prices increased to $0.13 per kilowatt-hour in 2018, compared to $0.12 in 2017. This climb likely drove demand for energy-efficient housing and renovations, placing greater emphasis on properties with modern upgrades that helped households manage increasing utility costs.
Average Price for Regular Gasoline in Texas in 2018
Gas prices also rose, reaching $2.44 per gallon in 2018, up from $2.19 in 2017. With transportation becoming more expensive, proximity to workplaces and public transportation remained important for homebuyers. Walkable neighborhoods and mixed-use developments gained traction during this period.
Average 30-Year Fixed Mortgage Rate in 2018
Mortgage rates climbed to 4.70% in 2018, from 4.14% in the previous year. For many homebuyers, this level of interest rate signaled urgency to act before rates increased further. Getting pre-approved by a local mortgage loan originator was pivotal for navigating the pressures of a market increasingly shaped by rising rates.
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Overview of Differences Between the 2017 and 2018 Real Estate Markets in Prosper, Texas
1. Total Homes Sold
2018 saw 972 homes sold, an increase of 79 homes compared to 893 in 2017.
2. Average Sales Price
The average sales price increased slightly, from $483,575 in 2017 to $495,673 in 2018, reflecting steady price appreciation.
3. Average Price per Square Foot
2018’s average price per square foot was $143.23, up from $139.30 in 2017, indicating a modest rise in property values.
4. Average Days on Market (DOM)
Homes took longer to sell in 2018, with an average DOM of 83 days, compared to 73 days in 2017, suggesting slightly slower market movement.
5. Close Price to Listing Price (ClsPr/LstPr) Ratio
The ClsPr/LstPr ratio dipped marginally from 96.91% in 2017 to 96.26% in 2018, hinting at slightly less competitive bidding.
6. Homes with Pools
There was an upswing in demand for homes with pools, with 157 such homes sold in 2018, up from 116 in 2017.
7. New Construction Homes
New construction activity boomed in 2018, with 524 new homes sold, a significant rise from 448 in 2017, showcasing strong developer activity.
8. Most Expensive Property Sold
The most expensive property sold in 2018 was priced at $2,150,000 with 9,004 sqft and unique features like an indoor pool complete with a kitchen, 3.3+ acres with water, creek, and greenbelt views. This surpassed 2017’s most expensive property, which sold for $1,615,000 with 8,477 sqft, featuring a tornado shelter-safe room and beach entry pool.
Key Observations
The market demonstrated growth in price trends, new construction activity, and luxury sales, but a slight slowdown in velocity (DOM). The demand for homes with specific features, like pools, also gained traction, reflecting evolving buyer preferences.
Summary of Real Estate Market Analysis for Prosper, TX in 2018
The 2018 real estate market in Prosper, Texas reflected strong activity, with increased closings, steady pricing growth, and evolving homebuyer preferences. Demand for both new construction homes and properties with recreational amenities like pools remained high. Despite rising mortgage rates, the market proved resilient, offering opportunities for both buyers and sellers in a balanced, competitive environment.
Homebuyers and First-Time Homebuyers Perspective:
For homebuyers, and especially first-time buyers, 2018 presented both challenges and opportunities. Steady price appreciation emphasized the importance of acting quickly on properties, while the wide range of homes available—from affordably priced options to luxury estates—provided choices for various budgets. However, rising mortgage rates could have felt like a hurdle for newcomers. First-time homebuyers especially benefited from working with skilled realtors who not only understood the nuances of Prosper’s market but also guided them in navigating financing options and competitive bidding situations.
Home-Sellers Perspective:
The 2018 market also affirmed the critical role of realtors for home sellers. Sellers relied heavily on expert advice to price their homes accurately amidst shifting market conditions. Realtors provided strategies to maximize exposure through targeted marketing, online listings, and staging recommendations. These efforts ensured sellers connected with the right buyers efficiently, even in a competitive market. The increase in close price to listing price ratios further highlights how professional guidance empowered sellers to achieve strong results during transactions.
Final Thoughts:
Overall, the 2018 real estate market in Prosper, Texas demonstrated growth, adaptability, and opportunities for both buyers and sellers. While mortgage rates and property values trended upward, the market’s resilience was clear in the consistent activity across price ranges and property types.
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.
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A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present
Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!
2010-2020
Prosper, TX Real Estate Market Report 2010: Analysis and Trends
Prosper, TX Real Estate Market Report 2011: Analysis and Trends
Prosper, TX Real Estate Market Report 2012: Analysis and Trends
Prosper, TX Real Estate Market Report 2013: Analysis and Trends
Prosper, TX Real Estate Market Report 2014: Analysis and Trends
Prosper, TX Real Estate Market Report 2015: Analysis and Trends
Prosper, TX Real Estate Market Report 2016: Analysis and Trends
Prosper, TX Real Estate Market Report 2017: Analysis and Trends
Prosper, TX Real Estate Market Report 2018: Analysis and Trends
Prosper, TX Real Estate Market Report 2019: Analysis and Trends
Prosper, TX Real Estate Market Report 2020: Analysis and Trends
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. Data accuracy cannot be guaranteed due to potential input errors made by NTREIS users. 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.