The real estate market in Princeton, Texas in 2010 witnessed diverse activity in the single-family residential sector. This analysis explores 176 closed home sales during the year, unveiling key metrics like pricing, home features, market efficiency, and trends. Additionally, I’ll highlight the most expensive property sold and examine the market dynamics contributing to the year’s performance.

Total Homes Closed

• Total homes closed: 176
• Homes with pools: 7
• New construction homes accounted for 54 sales, showcasing significant activity in that segment.

Property Pricing Insights

Here’s a breakdown of property pricing for 2010:

• Minimum price: $12,900
• Maximum price: $515,000
• Average price: $115,316
• Median price: $116,950

Homes in Princeton, TX provided a highly accessible range, catering to budget-friendly buyers and upscale purchasers alike.

Property Size and Features

• Bedrooms: Most homes had 3 bedrooms (average), ranging from 2 to 6 bedrooms.
• Bathrooms: Average of 2 full baths, with a range from 1 to 4 bathrooms.
• Square footage: Ranged from 768 sqft to 4,084 sqft, with an average of 1,816 sqft.
• Lot Size: Average lot size was 0.863 acres, spanning from compact lots to as large as 30.22 acres.

This diversity in size and features indicates flexibility in home options catering to varied buyer needs.

Market Dynamics

• Days on Market (DOM): The average time on the market was 74 days, with some homes selling as quickly as within 54 days and others taking up to 499 days.
• ClsPr/LstPr Ratio: On average, homes sold at 97.28% of their listing price.
• ClsPr/OLP Ratio: The ratio to the original listing price averaged 93.31%, highlighting minor adjustments in pricing during the selling process.
• Price per square foot: The average was $63.87 per sqft, with pricing reaching a high of $235.73 per sqft.

This reflects a fairly efficient market, with competitive pricing and manageable selling times.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2010

Electricity costs decreased further to $0.12 per kilowatt-hour in 2010, down from $0.13 in 2009. The drop allowed households to manage monthly budgets a bit more effectively. For real estate, affordability in utility costs could make energy-conscious homes an easier sell, particularly as homebuyers explored long-term cost savings.

Average Price for Regular Gasoline in Texas in 2010

Gasoline prices rebounded slightly, averaging $2.64 per gallon in 2010, compared to $2.21 in 2009. The rise in fuel costs likely pushed many homebuyers to evaluate commute expenses alongside their home budgets. Urban areas and transit-centered communities may have seen increased interest as reliable transport options became a key factor.

Average 30-Year Fixed Mortgage Rate in 2010

Mortgage rates declined further to 4.86% in 2010, offering favorable conditions for potential homebuyers. This drop made monthly payments more manageable and contributed to a gradual recovery in the housing market. Pre-approvals with local mortgage loan originators were essential for homebuyers to confidently pursue homes in competitive markets.

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Summary of Real Estate Market Analysis for Princeton, TX in 2010

The 2010 Princeton, Texas real estate market offered affordability, diversity, and steady performance. Competitive pricing, solid demand for new construction homes, and a manageable average DOM reflected a balanced environment for both homebuyers and home-sellers.

The Importance of Statistical Data in Princeton, Texas Real Estate Market

Did you know that appraisers and Realtors rely on historical statistical data to determine a property’s current value?

Analyzing historical market data is essential for making informed decisions in today’s real estate market. Examining past trends provides valuable insights that facilitate accurate pricing, more strategic negotiations, and a comprehensive understanding of market dynamics. By understanding market dynamics, both homebuyers and home-sellers can leverage the conditions to achieve their goals.

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

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A Comprehensive Analysis of Single-Family Residential Housing Market in Princeton, TX: 2003 to Present