The 2014 real estate market in Princeton, Texas exhibited continued momentum, with strong sales activity and rising property values. This detailed analysis looks at 209 single-family home transactions, examining pricing trends, property features, market efficiency, and standout sales.

Total Homes Closed

• Closed transactions: 209 homes, a 16.8% increase from the 179 homes sold in 2013.
• New construction: 35 homes built in 2014, slightly down from 39 in 2013 but still showing robust activity.
• Homes with pools: Sales included 9 homes with pools, up from 7 in 2013, signaling heightened demand for leisure-focused properties.

Property Pricing Insights

Pricing in 2014 indicated a more competitive and diversified market:

• Minimum price: $30,000 (up from $18,674 in 2013).
• Maximum price: Held steady at $675,000 for the second year.
• Average price: Rose to $156,171, a 12% increase from 2013’s $139,479.
• Median price: Climbed to $148,000, a 5.8% increase from $139,900 in 2013.

Property Size and Features

Homebuyers in 2014 sought a mix of compact and spacious properties, creating diverse demand:

• Bedrooms: Homes averaged 3 bedrooms, ranging from 1 to 6 bedrooms.
• Bathrooms: Most homes had 2 full bathrooms, with configurations spanning 1 to 8 total bathrooms.
• Square footage: Sizes ranged from 776 sqft to 4,849 sqft, with an average of 1,891 sqft—a slight increase from 2013.
• Lot sizes: Lot sizes averaged 0.815 acres, with properties ranging from 0.11 to 17.332 acres

Market Dynamics

The market demonstrated efficiency and strong value retention:

• Days on Market (DOM): Homes sold in an average of 52 days, slightly up from 51 days in 2013.
• ClsPr/LstPr Ratio: Slightly declined to 97.74%, from 98.51%, reflecting minor flex in negotiation.
• ClsPr/OLP Ratio: Dropped to 96.17% from 97.29%, potentially due to higher list prices.
• Average price per sqft: Increased to $82.05, from $75.16 in 2013.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2014

Electricity prices rose slightly to $0.13 per kilowatt-hour in 2014, up from $0.12 in 2013. This gradual increase added pressure to household budgets, further emphasizing the demand for energy-efficient properties. Sellers with homes featuring solar panels or updated appliances likely had an edge in the real estate market.

Average Price for Regular Gasoline in Texas in 2014

Gas prices decreased to $3.15 per gallon in 2014, down from $3.32 in 2013. Lower fuel costs may have encouraged homebuyers to look at properties in outer suburban areas, knowing transportation expenses were more manageable. This shift could have spurred demand in regions where homes were larger and more economical than urban alternatives.

Average 30-Year Fixed Mortgage Rate in 2014

Mortgage rates edged up to 4.31% in 2014 from the previous year’s 4.16%. This small increase emphasized the importance of timing in home purchases, as homebuyers aimed to lock in favorable terms before rates rose further. Securing pre-approval with a local mortgage loan originator remained a vital step for buyers to gain financial clarity during the purchasing process.

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Summary of Real Estate Market Analysis for Princeton, TX in 2014

The 2014 Princeton, TX housing market expanded in both sales volume and pricing. Declining negotiation power on high listings was offset by demand-driven growth in purchase activity, especially among mid-range and luxury properties. Buyers were particularly drawn to spacious homes, as average square footage and prices per sqft both increased. While lot sizes decreased slightly, premium offerings like pools and modern construction maintained strong appeal.

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.

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