The 2024 real estate market in Prosper, Texas experienced notable shifts shaped by fluctuating economic variables, including an average 30-year fixed mortgage rate of 6.90%. While sales slowed compared to 2023, the market remained strong, showing increased average sales prices and notable demand for modern and luxury homes. Buyers and sellers continued to adapt to tighter financial conditions, resulting in significant activity among high-end and mid-tier offerings.
Key Takeaways and Trends from the 2024 Real Estate Market in Prosper, TX
1. Pricing Range
The 2024 market recorded property prices ranging from $268,000 to a high of $3,300,000, with the average price hitting $944,343. While the luxury segment saw significant demand, a more cautious price increment for standard homes reflected balanced market dynamics.
2. Market Efficiency
Average Days on Market (DOM) held steady at 62 days, highlighting efficient sales processes despite changing conditions. The Close Price/List Price ratio of 97.08% showed that sellers were slightly more negotiation-friendly, likely due to increased buyer caution amid high borrowing costs.
3. Unique Outliers
The most expensive property sold, a $3,300,000 ranch-style estate, highlighted the demand for unique, feature-rich estates. Its 5-acre lot, luxury features, and multifunctional outdoor areas underscored continued interest in expansive, high-value properties.
4. Mortgage Rates Impact
With mortgage rates averaging 6.90%, affordability concerns surfaced, prompting careful buyer pricing strategies and moderate pricing adjustments. New construction and luxury homes, however, remained relatively unaffected, driving demand from higher-income buyers.
Total Homes Closed
A total of 821 single-family homes closed in 2024. Among these, 174 included pools, catering to leisure-focused buyers. Additionally, 283 were new construction homes, underscoring continued demand for modern properties with updated features.
Property Pricing Insights
- Minimum Price: $268,000
- Maximum Price: $3,300,000
- Average Price: $944,343
- Median Price: $885,000
The median and average prices highlight a slight push toward higher-value transactions, driven largely by luxury and new-build property sales.
Property Size and Features
- Average Bedrooms: 4
- Average Bathrooms: 4
- Average Square Footage: 3,611 sqft
- Average Lot Size Area: 0.304 acres
The data indicates consistent demand for family-sized homes. Larger lots were especially favored in high-end transactions.
Market Dynamics
- Average DOM: 62 days
- Average ClsPr/LstPr Ratio: 97.08%
- Average ClsPr/OLP Ratio: 94.69%
- Average Price per Square Foot: $257.54
These metrics reflect a steady balance in market efficiency, with properties selling slightly below asking prices on average, likely due to the impact of economic conditions on buyer behavior.
Insights into the Most Expensive Prosper, TX Property Sold in 2024
The standout property of 2024 was a stunning ranch-style estate sold for $3,300,000. This luxury home offered expansive features and bespoke appeal, playing a key role in shaping market perceptions of high-end properties.
Property Highlights:
- Price: $3,300,000
- Beds/Baths: 5 beds / 6 baths
- Square Footage: 5,437 sqft
- Price per Sqft: $606.95
- Lot Size: 5+ acres
- DOM: 38 days
- ClsPr/LstPr and ClsPr/OLP Ratios: 100%
- Year Built: 2014
Features: Heated pool-spa, 4-car garage, 3-stall barn, outdoor kitchen, outdoor fireplace, expansive living spaces.
This home’s uniqueness and features not only positioned it as the year’s most significant sale but also underscored the luxury segment’s ongoing strength. Its relatively quick DOM and full-price sale pointed to strong demand for premium, turnkey properties.
The sale of this estate reaffirmed Prosper’s attractiveness to high-net-worth buyers. While most buyers were influenced by rising mortgage rates, the luxury sector remained robust, offering sellers opportunities to attract substantial buyer interest.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2024
Electricity prices rose again to $0.19 per kilowatt-hour in 2024, up from $0.17 in 2023. The steady rise in energy costs underscored the growing value of homes equipped with renewable energy solutions. Energy-conscious designs likely remained a key factor in real estate market trends.
Average Price for Regular Gasoline in Texas in 2024
Gas prices settled slightly lower at $2.86 per gallon in 2024, down from $3.06 in 2023. This decrease, while modest, might have encouraged more exploratory behavior from buyers considering homes in more distant locations. The reduced cost of transportation relieved some financial stress for commuting.
Average 30-Year Fixed Mortgage Rate in 2024
The average 30-year fixed mortgage rate fell marginally to 6.90% in 2024, down from 7.00% in 2023. While still elevated, this slight decline could provide homebuyers with additional opportunities to re-enter the market. Pre-approvals with a local mortgage loan originator remained critical in helping buyers react quickly to evolving financial conditions and maintain a competitive edge.
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Overview of Differences Between the 2023 and 2024 Real Estate Markets in Prosper, Texas
Total Homes Sold
- 2023 closed 975 sales.
- 2024 saw 821 homes closed.
This marks a 15.8% decrease in total sales year-over-year, likely influenced by higher borrowing costs and economic uncertainty.
Pricing Trends
- Minimum Price: $268,000 in 2024 compared to $269,900 in 2023, a slight decrease.
- Maximum Price: Fell significantly from $7,200,000 in 2023 to $3,300,000 in 2024.
- Average Price: Increased from $883,987 in 2023 to $944,343 in 2024, reflecting greater interest in mid-to-high tier properties.
- Median Price: Also increased from $805,100 to $885,000, showing a healthy shift in market demand for well-valued listings in this range.
Property Features
- Square Footage (Average): Grew slightly in 2024 to 3,611 sq. ft. from 3,489 sq. ft.
- Square Footage (Median): Similarly, rose from 3,477 sq. ft. in 2023 to 3,600 sq. ft.
- Lot Size Area (Average): Increased modestly to .304 acres in 2024 from .279 in 2023.
Homes with Pools
2023 recorded 161 versus 174 in 2024, hinting at sustained interest in lifestyle amenities.
New Construction Homes
Dropped significantly from 448 units in 2023 to 283 in 2024. This decline reflects a slowdown in new developments amid economic pressures.
Market Dynamics
- Days on Market (DOM): Remained stable at an average of 62 days in both years, suggesting consistent pacing.
- Average ClsPr/LstPr (Close Price to Listing Price): Slightly decreased from 97.10% to 97.08%, showing negligible changes in buyer vs. seller negotiations.
- Average ClsPr/OLP (Close Price to Original Listing Price): Marginal decline from 94.96% in 2023 to 94.69% in 2024.
Most Expensive Property Sold
- 2023: A custom-built estate sold for $7,200,000. This 10,494 sq. ft. property featured high-end amenities like dual game rooms, two kitchens, a sports car lift, and an infinity-edge pool on 1.923 acres.
- 2024: A ranch-style estate sold for $3,300,000. This 5,437 sq. ft. home spanned over five acres, offering amenities like a pool-spa, 4-car garage, barn, and outdoor kitchen space.
The most expensive sale in 2024 was significantly lower in both price and size. However, it maintained exclusivity due to unique features and land size.
Summary of Real Estate Market Analysis for Prosper, TX in 2024
The 2024 real estate market in Prosper, TX reflected a shifting landscape influenced by a mix of economic pressures and strong demand for specific property types. With 821 homes sold, the market showcased resilience despite higher mortgage rates. Significant demand for new construction homes and high-end properties dominated trends, while overall pricing and market efficiency adjusted to meet buyer expectations.
Homebuyers and First-Time Homebuyers Perspective
For homebuyers, especially those entering the market for the first time, 2024 presented both challenges and opportunities. High 30-year fixed mortgage rates at an average of 6.90% tightened affordability for many, requiring buyers to be more strategic in their searches. Despite this, the availability of 283 new construction homes offered modern spaces tailored to family needs. First-time homebuyers benefited from slightly softened property valuations and the ability to negotiate more competitively due to the longer average Days on Market (62 days). Partnering with experienced Realtors proved essential to navigating Prosper’s shifting conditions and finding homes that balanced comfort, value, and budget.
Home-Sellers Perspective
Home Sellers in 2024 faced a dynamic market that required careful planning and flexibility. With average close price to listing price (ClsPr/LstPr) ratios settling at 97.08%, sellers had to adjust expectations and develop strategic pricing to attract buyers. Marketing played a crucial role in highlighting key property features like pools or expansive outdoor areas to stand out in a slightly slower market. Homes with unique features and luxury amenities continued to command strong interest, as reflected in the swift sale of top-tier properties. Savvy sellers worked closely with realtors to package their offerings effectively and tap into demand from specific buyer segments, especially for high-value and modern homes.
Final Thoughts
The 2024 real estate market underscored the importance of adaptability for both buyers and sellers. Although higher mortgage rates introduced new hurdles, motivated buyers found opportunities in a market ripe with updated listings and well-presented homes. Sellers who relied on comprehensive marketing strategies and tailored pricing saw success in capturing buyer interest. Whether navigating affordability concerns or standing out in a competitive luxury segment, working alongside a skilled Realtor was key to turning challenges into opportunities. Looking ahead, Prosper’s housing market remains poised for growth, shaped by economic conditions and evolving buyer preferences.
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.