The 2024 real estate market in Blue Ridge, Texas presented a year of adjustment and growth. While still navigating the echoes of economic pressures, including elevated utility costs and slightly eased mortgage rates, the market exhibited notable recovery, particularly in pricing and property features. With 43 single-family homes closed, the market showed moderation in activity compared to previous years but signaled expanding demand for larger, updated homes.
Key Takeaways and Trends from Blue Ridge’s 2024 Real Estate Market
Pricing Range: The market showed widespread recovery, with substantial increases in both maximum and median prices, supported by luxury transactions and broader affordability in new entry-level thresholds.
Market Efficiency: Extended days on the market underscored slower homebuyer decisions and lengthier negotiation cycles, while improved price ratios reflected more strategic pricing by sellers.
Unique Outliers: Unlike 2023’s skewed lot size averages, 2024 normalized, favoring reasonable acreage for residential use. However, certain high-value properties remained notable outliers in their scale and pricing.
Total Homes Closed
43 homes were sold in 2024, down from the 49 sales recorded in 2023. This slight reduction reflects a cooling in market activity influenced by extended sales cycles and evolving buyer priorities.
Property Pricing Insights
The 2024 market displayed significant gains in pricing metrics, particularly in the luxury segment:
- Minimum Price: Increased to $195,000, solidifying a higher entry point for buyers.
- Maximum Price: Surged to $1,900,000, indicating a revival of luxury transactions.
- Average Price: Climbed to $587,853, showcasing renewed mid-market strength.
- Median Price: Rose to $569,900, signaling broad recovery across all price ranges.
Property Size and Features
The market reflected buyer demand for more spacious homes and family-friendly layouts:
- Bedrooms: Averaged 4 bedrooms, up from 3 in 2023, meeting the needs of larger households.
- Bathrooms: Held steady at 3 bathrooms, maintaining functional designs.
Square Footage
- Minimum Size: Increased to 1,095 sq. ft., offering slightly roomier entry-level homes.
- Maximum Size: Increased to 5,344 sq. ft., catering to high-end buyers seeking luxury.
- Average Size: Rose to 2,600 sq. ft., demonstrating buyer desire for larger homes.
- Median Size: Climbed to 2,580 sq. ft., reflecting a growing trend toward more space in mid-market properties.
Lot Size
- Average Lot Size: Settled at 6.053 acres, substantially reduced from the anomalous lot averages in 2023 but demonstrating a preference for generous outdoor spaces.
Market Dynamics
Transaction efficiency slowed significantly in 2024, as reflected in key metrics:
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Days on Market (DOM):
- Average DOM: Increased to 113 days, compared to 87 days in 2023, highlighting a lengthened purchasing cycle.
- Maximum DOM: Reached 676 days, emphasizing challenges in selling select properties.
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Close-to-Price Ratios:
- ClsPr/LstPr (Close Price to Listing Price): Improved marginally to 98.20%, showcasing stronger seller alignment with market expectations.
- ClsPr/OLP (Close Price to Original Listing Price): Increased to 95.16%, reinforcing improved pricing accuracy.
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Price Per Square Foot (Pr$/SqFt): Rose slightly to $225.83 from $219.65, reflecting stable appreciation alongside increased home sizes.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2024
The highest-priced property sold in 2024 highlighted the resilience of Blue Ridge’s luxury market:
- Price: $1,900,000
- Bedrooms: 4
- Bathrooms: 4 (all full baths)
- Square Footage: 5,344 sq. ft.
- Price Per Square Foot: $355.54
- Lot Size: 30.109 acres
- Days on Market (DOM): 182 days
- ClsPr/LstPr Ratio: 95.00%
- ClsPr/OLP Ratio: 86.36%
- Year Built: 1996
This home combined expansive living space with significant acreage, appealing to high-end buyers ready to invest.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2024
The average cost of electricity rose to $0.19/kWh, adding modest pressure on household budgets and energy expenses.
Texas Average Gas Prices in 2024
Gasoline costs decreased to $2.86 per gallon, offering a slight reprieve in transportation-related expenses for residents.
Average 30-Year Fixed Mortgage Rate in 2024
The average 30-year fixed mortgage rate in 2024 stood at 6.90%, a slight decline from the previous year’s 7.00%. This small reduction offered some relief to potential buyers, lowering monthly payments and enabling better affordability for mid-market and entry-level buyers. Despite this, affordability challenges remained a key factor in decision-making, as buyers continued to balance rising home prices with financing limitations.
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Summary of Differences Between 2023 and 2024 Real Estate Data for Blue Ridge, TX
The comparison of 2024 and 2023 real estate data for Blue Ridge, Texas reveals significant market shifts, particularly in pricing, property features, and market dynamics, while echoing broader economic influences on buyer and seller behavior.
Property Pricing
- Minimum Price: Increased to $195,000 from $99,000 in 2023, suggesting a higher entry point for buyers.
- Maximum Price: Surged to $1,900,000 from $1,200,000, signaling a recovery in luxury property transactions.
- Average Price: Rose to $587,853 from $478,936, reflecting growth in mid-tier market activity.
- Median Price: Jumped to $569,900 from $460,000, indicating strengthened overall market valuations.
Property Features
- Bedrooms: Increased to an average of 4 bedrooms from 3, suggesting a preference for larger family-friendly homes.
- Bathrooms: Remained steady at 3 bathrooms, meeting common buyer demands.
- Square Footage:
- Minimum SqFt: Increased to 1,095 sq. ft. from 868, offering slightly larger entry-level homes.
- Maximum SqFt: Increased to 5,344 sq. ft. from 4,630, showcasing more options for luxury and spacious living.
- Average SqFt: Rose to 2,600 sq. ft. from 2,216, reflecting buyer preferences for larger spaces.
- Median SqFt: Climbed to 2,580 sq. ft. from 2,120, further cementing the trend toward bigger homes.
Lot Size
- Minimum Lot Size: Remained nearly unchanged at 0.172 acres compared to 2023’s 0.173 acres.
- Maximum Lot Size: Shifted significantly to 78.000 acres, down from the extreme 2023 outlier of 91,868 acres.
- Average Lot Size: Decreased to 6.053 acres from 2,186.268 acres, normalizing after being skewed by an outlier last year.
Market Dynamics
-
Days on Market (DOM):
- Average DOM: Increased to 113 days from 87, indicating a notable slowdown in sales processes.
- Maximum DOM: Skyrocketed to 676 days from 402, further highlighting extended selling periods for certain properties.
-
Price Ratios:
- ClsPr/LstPr (Close Price to Listing Price): Improved slightly to 98.20% from 97.05%, reflecting closer alignment between listing prices and final sales.
- ClsPr/OLP (Close Price to Original Listing Price): Increased to 95.16% from 92.71%, showing slightly more accurate initial pricing strategies.
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Price Per Square Foot (Pr$/SqFt): Adjusted higher, settling at $225.83 from $219.65, reflecting gradual price appreciation alongside increased average home sizes.
Year Built
- Oldest Property Built: Rose to 1950 from 1910, indicating a narrowing of older inventory options.
- Newest Property Built: Remained at 2024, with new developments active for modern buyers.
- Average Year Built: Increased to 2008 from 1998, indicating a gradual preference for relatively newer homes.
- Median Year Built: Increased to 2017 from 2013, further reinforcing this trend for newer properties.
Key Trends and Observations
- Luxury Market Rebounds: Higher maximum prices and larger homes reflect renewed activity in high-end segments.
- Bigger Homes Preferred: The average and median square footage and bedroom count increased, signaling demand for more spacious properties.
- Extended Sales Periods: The dramatic rise in DOM indicates cautious buyer behavior and more negotiation time in transactions.
- Pricing Alignments: Improvements in listing-to-close price ratios suggest sellers re-calibrating pricing strategies in line with market realities.
The 2024 real estate market in Blue Ridge, Texas displayed resilience, with stronger mid-market and luxury activity contrasting against slower transactions and rising costs in utilities and financing. This year showcased the adaptability of buyers and sellers within a dynamic housing environment.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2024
The 2024 real estate market in Blue Ridge, Texas, showcased a year of resilience and transformation as it adapted to shifting economic realities. While the total number of closed sales declined to 43 homes, the market displayed significant growth in property values, with increased average and median prices signaling a steady resurgence, particularly in the luxury segment. Larger homes with an average of 4 bedrooms and 2,600 sqft dominated buyer preferences, reflecting increased demand for family-friendly features and spacious living.
Despite the reduced average mortgage rate of 6.90%, affordability remained a central concern for buyers, as rising home prices paired with higher utility costs created an added layer of deliberation. Extended days on the market, averaging 113 days, highlighted the cautious approach many buyers adopted. Sellers responded with more refined pricing strategies, evident in the improved close-to-list and original price ratios, fostering a slightly more balanced environment.
Blue Ridge’s 2024 housing market offered valuable opportunities for both buyers and sellers. HomeBuyers were able to explore a growing inventory of larger homes and recover confidence in luxury markets, while home sellers achieved more substantial valuations for their properties. Despite economic pressures, the market illustrated adaptability and optimism for continued progress in the coming 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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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.