The 2022 real estate market in Blue Ridge, Texas faced shifting dynamics as economic pressures, including rising mortgage rates and utility costs, influenced buyer and seller behaviors. Despite these challenges, the market demonstrated resilience, with 53 single-family homes sold and steady appreciation in property values, particularly in the luxury segment. Blue Ridge‘s market remained attractive for both entry-level and high-end buyers amid shifting trends and preferences.
Key Takeaways and Trends from Blue Ridge’s 2022 Real Estate Market
Pricing Range: An increase in both the minimum and maximum property prices highlighted a growing valuation across all market segments.
Market Efficiency: Slightly longer DOM and marginally reduced close-to-list ratios signaled cooling market intensity, although overall efficiency remained high.
Unique Outliers: The inclusion of ultra-large properties notably inflated average lot sizes while demonstrating the appeal of luxury acreage for premium buyers.
Total Homes Closed
Blue Ridge’s real estate sector saw 53 closed transactions in 2022, slightly down from 55 in 2021. This moderate decline reflects a market adjusting to external pressures, such as rising interest rates, while still maintaining considerable activity.
Property Pricing Insights
The year saw remarkable growth in property values, with significant increases across minimum, maximum, average, and median prices:
- Minimum Price: Rose to $115,000, representing higher barriers of entry for buyers.
- Maximum Price: Reached a new pinnacle at $1,750,000, further expanding the luxury market.
- Average Price: Increased substantially to $578,177, driven by higher-tier transactions.
- Median Price: Climbed to $599,000, indicating a robust and competitive mid-market segment.
Property Size and Features
Bedrooms and Bathrooms
- Bedrooms: Maintained the family-friendly standard of an average 4 bedrooms.
- Bathrooms: Averaged 3 bathrooms, ensuring practical convenience for households.
Square Footage
- Minimum Size: Decreased to 672 sq. ft., offering smaller entry-level options.
- Maximum Size: Expanded to a generous 4,945 sq. ft., catering to luxury buyers.
- Average Size: Increased modestly to 2,394 sq. ft., supporting diversified buyer needs.
- Median Size: Grew to 2,202 sq. ft., reflecting a steady trend toward spacious homes.
Lot Size
- Minimum Lot Size: Decreased to 0.13 acres, suggesting a push for denser developments.
- Maximum Lot Size: Skyrocketed to 8,783 acres, driven by an outlier property.
- Average Lot Size: Surged to 172.046 acres, highlighting the influence of larger land transactions.
Market Dynamics
Days on Market (DOM)
- Average DOM: rose slightly to 30 days, showing a marginal slowdown.
- Maximum DOM: Extended to 192 days, reflecting longer timelines for high-end properties.
Price Ratios
- ClsPr/LstPr (Close Price to Listing Price): Slightly declined to 100.79%, indicating slightly moderated competition.
- ClsPr/OLP (Close Price to Original Listing Price): Declined to 98.72%, reflecting increased flexibility in negotiations.
Price Per Square Foot
- Pr$/SqFt skyrocketed to $245.69, up from $186.47 in 2021, showing rapid growth in property valuation.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2022
The standout sale of 2022 was a stunning high-luxury property that showcased the market’s premium segment strength.
Key Details:
- Price: $1,750,000
- Bedrooms: 4
- Bathrooms: 4 (3 full, 1 half)
- Square Footage: 3,341 sq. ft.
- Price Per Square Foot: $523.80
- Lot Size: 66.922 acres
- Days on Market (DOM): 24 days
- ClsPr/LstPr Ratio: 100.00%
- Year Built: 1999
This property perfectly exemplified luxury living, with expansive acreage and a potent combination of modern amenities and high-quality construction.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2022
The average electricity rate rose to $0.18/kWh, contributing to increased monthly utility expenses.
Texas Average Gas Prices in 2022
Gas prices peaked at $3.47/gallon, escalating transportation and heating costs across households.
Average 30-Year Fixed Mortgage Rate in 2022
The average 30-year fixed mortgage rate in 2022 climbed to 5.53%, marking a notable increase from previous years. This rate hike had a significant impact on home affordability, raising monthly payments for buyers and influencing buying power, particularly for first-time homebuyers and those considering high-value properties. Despite these challenges, the desire for homeownership remained strong, with buyers adjusting budgets and focusing on properties that met lifestyle priorities.
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Summary of Differences Between 2021 and 2022 Real Estate Data for Blue Ridge, TX
The comparison between 2022 and 2021 real estate data for Blue Ridge, TX reveals notable shifts in housing metrics, including property values, lot sizes, and market dynamics. Below are the key differences:
Property Pricing
- Minimum Price: Increased significantly to $115,000 in 2022 from $86,116 in 2021, signaling higher entry-level home prices.
- Maximum Price: Set a new record at $1,750,000, up from $1,650,000 in 2021, indicating continued luxury market growth.
- Average Price: Jumped sharply to $578,177, compared to $432,805 the previous year, showcasing robust appreciation in property values.
- Median Price: Rose to $599,000 from $396,900, reflecting a strengthened mid-tier market.
Property Features
- Bedrooms: Properties in both years averaged 4 bedrooms, showing consistency in family-oriented housing.
- Bathrooms: Remained steady with an average of 3 bathrooms across both years.
- Square Footage:
- Minimum Size: Decreased to 672 sq. ft. from 900 sq. ft., offering smaller entry-level options in 2022.
- Maximum Size: Grew to 4,945 sq. ft. from 4,253 sq. ft., emphasizing availability of larger luxury homes.
- Average Size: Increased slightly to 2,394 sq. ft., up from 2,343 sq. ft., confirming a preference for moderate space expansions.
- Median Size: Increased to 2,202 sq. ft., up from 2,080 sq. ft., indicating a steady shift towards more spacious homes.
Lot Size
- Minimum Lot Size: Shrunk to 0.13 acres from 0.178 acres in 2021, suggesting a denser housing market for entry-level buyers.
- Maximum Lot Size: Skyrocketed to 8,783 acres from 34.200 acres, a dramatic rise driven by outlier properties.
- Average Lot Size: Expanded dramatically to 172.046 acres from 3.949 acres due to the inclusion of massive landholdings.
Market Dynamics
- Days on Market (DOM):
- Average DOM: Increased slightly to 30 days from 28, signaling marginally longer sales cycles.
- Maximum DOM: Extended to 192 days from 147, showing slower high-end transactions.
- ClsPr/LstPr Ratio: Declined slightly to 100.79% from 101.00%, reflecting a slight shift toward more balanced transaction pricing.
- ClsPr/OLP Ratio: Also decreased to 98.72% from 99.60%, illustrating a marginal widening in negotiation flexibility.
- Price Per Square Foot (Pr$/SqFt): Surged to $245.69 from $186.47, revealing a substantial increase in property values.
Year Built
- Oldest Property Built: Shifted to 1935 from 1945, showing the inclusion of older housing stock.
- Newest Property Built: Advanced to 2022 from 2021, reflecting the entry of new construction.
- Average Year Built: Increased slightly to 2006 from 2003, illustrating a trend toward younger housing inventory.
- Median Year Built: Held steady at 2015, confirming consistent modern home offerings.
Key Trends and Insights
- Luxury Market Growth: The increase in maximum price and price per square foot signals significant expansion in the high-end property segment.
- Land Outliers: The inclusion of a property with nearly 8,783 acres dramatically shifted lot size averages.
- Market Efficiency: Marginal increases in DOM and slight decreases in close-to-list and original price ratios indicate cooling from the intense competition seen in 2021.
- Economic Pressure: Rising mortgage rates and utility costs likely influenced buyer behavior while driving value appreciation in the housing market.
The 2022 real estate market in Blue Ridge, TX amplified its luxury offerings, sustained appreciation in values, and showcased resilience amid economic pressures, even as market dynamics began to shift slightly toward balance.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2022
The 2022 real estate market in Blue Ridge, TX, demonstrated resilience and adaptability amidst significant economic challenges. Rising mortgage rates, climbing utility costs, and higher gas prices played a pivotal role in shaping buyer and seller behaviors. Despite these pressures, the market thrived, with 53 homes sold and substantial growth in property values across all segments.
Key trends included the impressive performance of the luxury market, as reflected by the record-setting $1.75 million home sale and the sharp rise in price per square foot to $245.69. These metrics underscored the strong demand for premium properties while highlighting the growing appeal of mid-market homes, as indicated by the rise in median pricing to $599,000.
For homebuyers, the challenges of higher monthly costs required strategic decision-making, including a focus on functional and value-driven properties. Home-Sellers, on the other hand, benefited from high competition and rising valuations, particularly in the high-end sector. While market dynamics saw slight moderation, with an increase in average days on the market, transaction efficiency overall remained strong.
The 2022 Blue Ridge, TX, real estate market successfully navigated an evolving economic landscape, continuing to attract active buyers and delivering opportunities for profitable transactions for sellers. These results reflect not only the adaptability of the market but also its sustained appeal as a desirable destination for diverse buyers.
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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Oleg Sedletsky REALTOR® in Blue Ridge, Texas. Call/Text 214.940.8149
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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.