The 2015 real estate market in Blue Ridge, TX displayed remarkable growth and diversity, making it an exciting year for both buyers and sellers. With 34 homes sold, the market showed higher activity than in previous years.
From entry-level properties to premium luxury homes, the market offered something for everyone. With economic factors favoring affordability and transaction efficiency, 2015 became a standout year in Blue Ridge, TX‘s real estate history.
Key Takeaways and Trends from Blue Ridge’s 2015 Real Estate Market
Pricing Range: The market featured a broad price spectrum, from accessible entry-level homes to a record-breaking luxury property, giving potential buyers extensive options.
Market Efficiency: Quicker average DOM and high buyer urgency for desirable properties highlighted an active and efficient market, balanced by ongoing negotiations for high-end inventory.
Unique Outliers: The standout $699,000 luxury property and the diverse array of smaller, older homes showcased the flexibility of Buba’s market in meeting various buyer needs.
Total Homes Closed
A total of 34 residential single-family homes were closed during 2015. This marked a significant jump from the 22 homes sold in 2014, reflecting growing demand and an active market that catered to a variety of buyers.
Property Pricing Insights
The 2015 market showcased a wide range of property prices, offering affordability and opportunities for high-end investments:
- Minimum Price: $21,000
- Maximum Price: $699,000
- Average Price: $200,022
- Median Price: $142,100
The affordability at the lower range allowed access for first-time homebuyers, while the highest price signaled robust activity in the luxury segment.
Property Size and Features
Bedrooms & Bathrooms
Homes in 2015 were designed to cater to varying household needs:
- Bedrooms: Ranged from 2 to 4, with the majority averaging 3 bedrooms.
- Bathrooms: Offered between 1 to 4 baths, meeting both basic and premium buyer expectations.
Square Footage
Homes ranged in size to provide options for both small families and luxury buyers:
- Minimum Size: 780 sq. ft., appealing to those seeking compact living spaces.
- Maximum Size: 4,500 sq. ft., catering to premium buyers looking for expansive homes.
- Average Size: 1,943 sq. ft., slightly larger than in 2014.
- Median Size: 1,663 sq. ft., offering consistency for standard family preferences.
Lot Size
The lot sizes provided flexibility for buyers seeking different levels of privacy and land use:
- Minimum Lot Size: 0.230 acres.
- Maximum Lot Size: 19.500 acres.
- Average Lot Size: 4.445 acres.
Market Dynamics
Days on Market (DOM)
Homes in 2015 saw quicker transactions compared to 2014:
- Minimum Time: Just 2 days!
- Maximum Time: Extended to 463 days for unique or premium properties.
- Average Time: 65 days, an improvement over the previous year’s 76 days.
Close Price Ratios
- ClsPr/LstPr Ratio: Homes closed at 95.11% of their list price, slightly lower than in 2014.
- ClsPr/OLP Ratio: At 93.09%, this decline indicates more price adjustments for homes over long listing periods.
Price Per Square Foot
The $92.06 per square foot average showed a slight decrease from 2014, reflecting balancing trends in market value.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2015
The most expensive property sold in 2015 set a benchmark for luxury living in Blue Ridge, Texas.
Highlights of the Property:
- Price: $699,000
- Bedrooms: 4
- Bathrooms: 4 (3 full, 1 half)
- Square Footage: 4,500 sq. ft.
- Price per SqFt: $155.33
- Lot Size: 10.000 acres
- DOM: 8 days
- ClsPr/LstPr Ratio: 103.57%
- ClsPr/OLP Ratio: 103.57%
- Year Built: 2008
This property combined spacious living, modern construction, and an enviable lot size, selling above the original asking price in just 8 days.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2015
The average electricity cost fell to $0.12/kWh, providing slight relief to homeowners and increasing interest in energy-efficient properties.
Texas Average Gas Prices in 2015
Gas prices plummeted to $2.17 per gallon, making longer commutes more manageable, thus encouraging demand for suburban and rural properties in the market.
Average 30-Year Fixed Mortgage Rate in 2015
Mortgage rates declined to 3.99%, boosting affordability and helping facilitate higher sales volume.
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Summary of Differences Between 2014 and 2015 Real Estate Data for Blue Ridge, TX
The 2015 real estate market in Blue Ridge, Texas saw significant changes from 2014, characterized by higher activity, more affordability, and expanding property options. Below are the key differences:
Property Pricing Insights
- Minimum Price: Dropped to $21,000 in 2015 (from $44,000 in 2014), offering more affordable opportunities for buyers.
- Maximum Price: Surged to $699,000 in 2015 (from $425,000), demonstrating heightened luxury market activity.
- Average Price: Grew to $200,022 (from $179,811), signaling broader price appreciation.
- Median Price: Lowered slightly to $142,100 (from $148,500), indicating stronger sales in more affordable price brackets.
Property Features
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Bedrooms:
- Ranged from 2 to 4 bedrooms in both years but included properties with smaller footprints in 2015.
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Bathrooms: Both years offered up to 4 baths, remaining consistent in premium property features.
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Square Footage:
- Minimum Size: Shrunk to 780 sq. ft. in 2015 (from 1,025 sq. ft. in 2014), signaling an increase in compact property sales.
- Maximum Size: Expanded to 4,500 sq. ft. (from 3,312 sq. ft.), reflecting greater luxury options.
- Average Size: Increased to 1,943 sq. ft. (from 1,722 sq. ft.), appealing to families and larger households.
- Median Size: Slightly up at 1,663 sq. ft. (from 1,643 sq. ft.), showing consistency in typical home sizes.
Lot Size Area
- Minimum Lot Size: Reduced marginally to 0.230 acres (from 0.240 acres), reflecting smaller parcels for entry-level homes.
- Maximum Lot Size: Declined to 19.500 acres (from 28.000 acres), limiting options for buyers seeking very large properties.
- Average Lot Size: Fell to 4.445 acres (from 6.044 acres), indicating a shift toward moderate-sized lots.
Market Dynamics
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Days on Market (DOM):
- Minimum DOM: Dropped dramatically to 2 days in 2015 (from 4 days in 2014), highlighting quick sales of highly desirable listings.
- Maximum DOM: Extended to 463 days (from 330 days), reflecting prolonged sale times for certain properties.
- Average DOM: Improved to 65 days (from 76 days), showing stronger market efficiency.
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ClsPr/LstPr Ratio (Close Price to List Price): Lowered to 95.11% in 2015 (from 97.07%), signaling slightly more negotiation in final sale prices.
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ClsPr/OLP Ratio (Close Price to Original Listing Price): Declined to 93.09% (from 98.33%), suggesting more frequent price reductions.
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Price Per Square Foot (Pr$/SqFt): Dropped slightly to $92.06 (from $98.74), indicating a slight rollback in per-unit value.
Year Built
- Oldest Property: Predates by 40 years, dating back to 1910 in 2015 (compared to 1950 in 2014), showcasing increased diversity in historical options.
- Newest Property: Advanced to 2015 (compared to 2007 in 2014), reflecting new construction in the marketplace.
- Average Year Built: Declined to 1985 (from 1991), likely due to the inclusion of older listings.
- Median Year Built: Dropped slightly to 1991 (from 1998), showing a broader inclusion of aging inventory.
Notable Market Shifts
- Broader Affordability: The wider range in pricing and smaller property sizes attracted more buyers at lower price points.
- Luxury Market Expansion: More premium properties entered the market, reflected in the higher maximum price and larger square footage.
- Efficient Sales: The faster average DOM indicates an active market, although some high-priced listings extended sale times.
- Moderation in Lot Sizes and Per SqFt Pricing: Reductions in lot sizes and small shifts in price per square foot emphasized affordability while retaining value.
Overall, 2015 reflected an energizing real estate market with higher sales volume, broader buyer choices, and marked affordability improvements, paving the way for a balanced and vibrant housing environment.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2015
The 2015 real estate market in Blue Ridge, TX showcased robust activity and an array of opportunities for Home-buyers and Home-sellers. With increased closed sales, wider pricing diversity, and faster market turnaround, the year marked substantial progress.
Affordable entry-level homes opened doors for first-time homebuyers, while the emergence of luxury properties reflected growing market confidence. Key performance metrics, such as reduced days on market and accessible mortgage rates, further cemented Blue Ridge, TX‘s position as a thriving and inclusive real estate landscape.
The year 2015 set the tone for sustained growth, making the market well-poised for continued success in subsequent years.
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.
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Discover Yearly Real Estate Market Trends for Blue Ridge, TX
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. 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.