The 2023 real estate market in Blue Ridge, TX faced a dynamic year under significant economic challenges.
Factors such as increased mortgage rates and inflationary pressures shaped buyer activity, while slower sales cycles and contractions in property values reflected a shift in priorities. With 49 single-family homes closed, Blue Ridge’s housing market remained resilient, balancing affordability concerns with adaptive homebuyer strategies.
Key Takeaways and Trends from Blue Ridge’s 2023 Real Estate Market
Pricing Range: Price metrics shifted in 2023, with reductions in both minimum and maximum prices. The decline in maximum prices indicated reduced luxury market activity, while the lower minimum price offered affordability to new buyers.
Market Efficiency: The market experienced longer average DOM and reduced price ratios, reflecting slower movement and increased buyer-seller negotiations.
Unique Outliers: An extraordinary property with 91,868 acres skewed lot-size averages significantly, showcasing unusual trends in high-value land deals.
Total Homes Closed
The market recorded 49 homes sold in 2023, a decline from the 53 homes sold the previous year. This reduced activity reflects the economic pressures faced by both buyers and sellers, along with changing market dynamics.
Property Pricing Insights
- Minimum Price: Dropped to $99,000 from $115,000 in 2022, providing more affordable options for entry-level buyers.
- Maximum Price: Declined sharply to $1,200,000 compared to 2022’s $1,750,000, showcasing a significant slowdown in luxury property transactions.
- Average Price: Fell to $478,936, down from $578,177 in 2022, highlighting contractions in the mid-tier market.
- Median Price: Decreased to $460,000 from $599,000, reflecting lowered price points across the spectrum.
Property Size and Features
Bedrooms and Bathrooms
- Average Bedrooms: Declined to 3 bedrooms, compared to 4 in 2022, indicating smaller home preferences.
- Average Bathrooms: Held steady at 3 bathrooms, maintaining practicality for families.
Square Footage
- Minimum Size: Increased to 868 sq. ft., offering larger starter-home options for buyers.
- Maximum Size: Reduced to 4,630 sq. ft., highlighting fewer larger luxury homes.
- Average Size: Decreased to 2,216 sq. ft., down from 2,394 in 2022, showing a moderate trend toward downsized living.
- Median Size: Dropped to 2,120 sq. ft., signifying broader trends toward smaller homes in the mid and entry-level market.
Lot Size
- Average Lot Size: Grew dramatically to 2,186.268 acres, influenced significantly by the inclusion of a unique outlier property.
- Minimum Lot Size: Increased slightly to 0.173 acres, offering more spacious starter lots.
- Maximum Lot Size: Skyrocketed to 91,868 acres, an extreme increase due to a single unusual property transaction.
Market Dynamics
-
Days on Market (DOM):
- Average DOM: Increased to 87 days, over double the 30-day average in 2022, indicating slower transaction cycles.
- Maximum DOM: Reached 402 days, reflecting challenges in selling certain listings.
-
Price Ratios:
- ClsPr/LstPr (Close Price to Listing Price): Dropped to 97.05%, signaling growing buyer leverage in negotiations.
- ClsPr/OLP (Close Price to Original Listing Price): Declined sharply to 92.71%, illustrating increased seller flexibility on initial pricing.
-
Price Per Square Foot (Pr$/SqFt): Dropped to $219.65, down from $245.69 in 2022, showing cooling valuation trends under economic constraints.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2023
The highest-value property sold in 2023 reflected luxury living, despite adjustments in the high-end market.
Key Details:
- Price: $1,200,000
- Bedrooms: 4
- Bathrooms: 4 (3 full, 1 half)
- Square Footage: 4,630 sq. ft.
- Price Per Square Foot: $259.18
- Lot Size: 6.639 acres
- Days on Market (DOM): 16 days
- ClsPr/LstPr Ratio: 92.66%
- Year Built: 2008
This property combined ample interior space, modern architecture, and a generously-sized lot, showcasing its appeal despite a declining luxury market.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2023
The average electricity cost decreased slightly to $0.17/kWh, providing marginal relief for households.
Texas Average Gas Prices in 2023
Gas prices dropped to $3.06 per gallon, reducing everyday transportation costs for buyers.
Average 30-Year Fixed Mortgage Rate in 2023
The average 30-year fixed mortgage rate in 2023 climbed to 7.00%, marking a significant increase from previous years. This sharp rise in rates had a considerable impact on home affordability, leading to higher monthly payments and reduced borrowing power for many potential buyers.
First-time homebuyers and those targeting mid-market properties faced challenges, often having to adjust budgets or reconsider their options to align with these new financial realities. Despite this, determined buyers adapted, highlighting the enduring desire for homeownership.
Curious about today’s mortgage 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 Differences Between 2022 and 2023 Real Estate Data for Blue Ridge, TX
The comparison between the 2023 and 2022 real estate data for Blue Ridge, TX reveals significant shifts in property values, lot sizes, and overall market dynamics, reflecting an evolving market under economic pressures.
Property Pricing
- Minimum Price: Dropped to $99,000 in 2023 from $115,000 in 2022, signaling increased entry-level affordability.
- Maximum Price: Declined considerably to $1,200,000 from $1,750,000, indicating a tapering in the luxury market.
- Average Price: Decreased to $478,936 in 2023 from $578,177, suggesting a contraction in mid-tier property valuations.
- Median Price: Fell to $460,000 from $599,000 in 2022, reflecting stabilized market activity at lower price points.
Property Features
- Bedrooms: Average dropped to 3 bedrooms from 4, signaling a trend toward smaller homes.
- Bathrooms: Remained steady at 3 bathrooms, aligning with general buyer preferences for practicality.
- Square Footage:
- Minimum SqFt: Increased to 868 sq. ft. from 672, providing larger options for entry-level buyers.
- Maximum SqFt: Dropped slightly to 4,630 sq. ft. from 4,945, reducing high-end property sizes.
- Average SqFt: Fell to 2,216 sq. ft. from 2,394, illustrating a modest decline in property size preferences.
- Median SqFt: Reduced to 2,120 sq. ft. from 2,202, consistent with downsizing trends.
Lot Size
- Minimum Lot Size: Grew slightly to 0.173 acres from 0.130, offering slightly larger starter-home plots.
- Maximum Lot Size: Skyrocketed to 91,868 acres from 8,783, due to a substantial outlier property.
- Average Lot Size: Ballooned to 2,186.268 acres from 172.046 acres, heavily influenced by large-property transactions in 2023.
Market Dynamics
- Days on Market (DOM):
- Average DOM: More than doubled to 87 days from 30, signaling a slowing in sales pace.
- Maximum DOM: Extended significantly to 402 days from 192, highlighting challenges in moving certain properties.
- ClsPr/LstPr Ratio: Decreased to 97.05% from 100.79%, reflecting increased buyer leverage in pricing negotiations.
- ClsPr/OLP Ratio: Declined sharply to 92.71% from 98.72%, indicating greater flexibility on original listing prices.
- Price Per Square Foot (Pr$/SqFt): Dropped to $219.65 from $245.69, suggesting a cooling in property valuation appreciation.
Year Built
- Oldest Property Built: Shifted back to 1910 from 1935, expanding the historical property inventory.
- Newest Property Built: Held steady at 2023, maintaining the inclusion of new construction.
- Average Year Built: Dropped to 1998 from 2006, reflecting a slight pivot towards older inventory.
- Median Year Built: Declined to 2013 from 2015, indicating adjustments in buyer preferences to slightly older homes.
Key Trends and Observations
- Mid-Market Decline: Both average and median prices reduced, suggesting affordability challenges impacted mid-tier transactions.
- Smaller Homes Prevail: The reduction in average square footage and bedrooms reflects a shift toward downsizing.
- Luxury Segment Slowdown: Declining maximum prices, square footage, and fewer high-end deals highlight moderation in the luxury market.
- Extended Marketing Periods: The significant increase in DOM suggests a slower market in 2023.
- Unique Outliers: The inclusion of a property with over 91,000 acres heavily influenced lot size averages, introducing an unusual market dynamic.
The 2023 real estate market in Blue Ridge, Texas adapted to heightened economic constraints, showcasing resilience with adjusted valuations and slower transactions while accommodating evolving buyer preferences.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2023
The 2023 real estate market in Blue Ridge, TX stood as a testament to resilience amidst challenging economic forces. While the number of homes closed declined slightly to 49, the market showcased adaptability to shifting buyer and seller priorities shaped by elevated mortgage rates and affordability concerns. Key developments included significant price moderation, particularly in the luxury and mid-tier segments, paired with adjustments in property features like smaller home sizes and reduced square footage to meet evolving buyer demands.
Market dynamics slowed, with homes spending an average of 87 days on market, signaling extended decision-making periods for homebuyers navigating affordability constraints. Home-Sellers responded by leveraging flexibility in close-to-list ratios, with metrics like 97.05% ClsPr/LstPr emphasizing competitive pricing strategies.
Amid these fluctuations, economic relief in electricity and gas costs offered households slight stability, counterbalancing the strain introduced by the 7.00% mortgage rate. Buyers sought newer opportunities at more appealing entry-level pricing points, while sellers remained engaged through adjustment to pricing and listing strategies.
Overall, Blue Ridge’s 2023 market highlighted opportunities for resourceful buyers and strategic sellers ready to adapt to a changing economic landscape. The year paved the way for a re-calibrated market, meeting affordability challenges while underscoring the enduring vitality of the local housing sector.
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.
Unlock Exceptional Service!
Assistance with all your real estate needs in the Dallas-Fort Worth area is just a click or call away. Reach out at 214-940-8149 or connect through the links below.
Oleg Sedletsky REALTOR® in Blue Ridge, Texas. Call/Text 214.940.8149
Greetings! I’m Oleg Sedletsky, and I’m excited to introduce myself as your go-to full-time licensed Texas REALTOR® and Mortgage Loan Originator.
I proudly represent JPAR® – Real Estate Brokerage as a REALTOR® and Utopia Mortgage LLC as a Mortgage Loan Originator! My designations and certifications reflect my dedication to helping you achieve your real estate goals in Blue Ridge, TX and other locations in the vibrant Dallas-Fort Worth area!
My commitment to ongoing professional development means I’m always enhancing my skills to serve you better. You can count on me as your trusted expert throughout your real estate journey. Plus, I’m fluent in English, Ukrainian, and Russian and ready to assist you every step of the way!
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
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.