Blue Ridge, TX’s real estate market in 2005 showcased a dynamic and steady environment, building on the momentum from the prior year. With a notable increase in the number of closed transactions, the market reflected strong engagement from both buyers and sellers. Blue Ridge, TX continued to offer housing options across various price points, ensuring accessibility for a wide range of prospective homeowners.

Total Homes Closed

A total of 27 single-family residential properties were sold in Blue Ridge, TX, in 2005. This indicates a moderate level of market activity compared to previous years, showcasing an active demand among buyers.

Property Pricing Insights

Property pricing in 2005 spanned a broad range, offering options for nearly every budget:

• Minimum Price: $22,500 – Representing entry-level options or properties requiring significant updates.
• Maximum Price: $264,000 – Highlighting the upper tier of the market.
• Average Price: $116,814 – Offering an overview of the typical property price in the area.
• Median Price: $105,500 – Providing insight into mid-market affordability.

This spread highlights the affordability of entry-level homes, while still accommodating buyers interested in mid-range properties.

Property Size and Features

The homes sold in 2005 catered to varying preferences with dimensions and features beneficial for families or individuals:

• Average Bedrooms: 3
• Average Bathrooms: 2
• Average Square Footage: 1,660 sqft

Properties ranged from a modest 912 sq. ft. to a spacious 3,200 sq. ft., offering flexibility across buyer requirements and price ranges.

Market Dynamics

Several key metrics offer insights into how properties performed and the overall health of the market during 2003:

• • Days on Market (DOM):
    • Average DOM: 104 days
    • Median DOM: 94 days
  • Average ClsPr/LstPr (Close Price to Listing Price) Ratio: 98.40%
    Sellers generally received just under their asking price, suggesting a balanced market with negotiations slightly favoring buyers.
  • Average ClsPr/OLP (Close Price to Original Listing Price) Ratio: 94.85%
    This indicates that price adjustments were common before reaching a final sale agreement.
  • Average Price per SqFt: $69.43
    These figures illustrate a competitive yet efficient market. Homes sold closer to their asking prices showed that sellers were well-aligned with buyer expectations, while the relatively short DOM figures indicated an environment conducive to timely transactions.

Economic context

The economic environment in Blue Ridge, TX during 2005 exhibited notable shifts that influenced the local real estate market.

Average Electricity Costs in Dallas-Fort Worth in 2005

Electricity costs experienced a slight increase in 2005, averaging $0.11 per kilowatt hour. For buyers, this higher cost may have amplified the importance of energy efficiency when considering properties. Homes equipped with modern appliances, energy-saving systems, or lower energy consumption were likely more attractive to homebuyers conscious of their long-term utility expenses. Sellers with homes featuring such upgrades may have found an advantage in the market, appealing to environmentally and cost-conscious buyers.

Texas Average Gas Prices in 2005

Gasoline prices averaged $2.18 per gallon, reflecting an increase from the prior year. This rise likely impacted transportation costs, influencing homebuyer preferences to focus on properties closer to essential amenities or workplaces to help mitigate commuting expenses. Such conditions may have pushed demand for centrally located homes and potentially affected suburban property sales.

Average 30-Year Fixed Mortgage Rate in 2005

The average 30-year fixed mortgage rate was 5.93% in 2005, a slight increase from the previous year’s rate. While still considered manageable, this uptick in borrowing costs could have shaped buyer behavior, prompting a more measured approach to purchasing decisions. Nevertheless, Blue Ridge, TX’s balanced pricing—where most homes remained accessible to mid-tier budgets—helped sustain real estate activity. Stable buyer interest combined with a range of price points allowed the market to thrive despite the broader economic pressures.

Curious about today’s 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 Blue Ridge, TX in 2005

The 2005 real estate market in Blue Ridge, TX showcased a robust and diverse housing landscape, marked by increased activity and a wide range of property options. With 27 single-family homes sold, the market catered to a variety of buyer preferences, from affordable starter homes to mid-range residences. The pricing spectrum, coupled with efficient market dynamics, ensured that both buyers and sellers could engage confidently.

Market efficiency was underscored by competitive pricing, strong Close Price to Listing Price ratios, and timely sales cycles. Buyers found value in accessible price points and adaptable property features, while sellers benefited from consistent demand and streamlined transactions. Despite economic shifts, including slightly higher gas and electricity costs, along with a marginally increased mortgage rate, the market remained resilient and well-balanced.

Overall, 2005 was a year of opportunities for Blue Ridge, TX’s real estate participants, with conditions favorable for executing transactions that matched budget and lifestyle needs. Whether looking to buy or sell, the balanced market environment provided a platform for successful real estate endeavors.

Why Statistics Data is Important

Understanding past market data is essential for making informed decisions in today’s real estate landscape. Historical statistics provide a foundational perspective on trends, aiding in fair pricing and negotiation.

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

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

Discover Yearly Real Estate Market Trends for Blue Ridge, TX