The 2015 real estate market in Princeton, Texas showcased stability in volume while achieving growth in pricing and efficiency. This analysis explores data trends across closed transactions, pricing, features, and market dynamics, providing insights into the market’s health and direction.

Total Homes Closed

• Closed transactions: 209 homes, maintaining consistent activity from 2014.
• New construction homes: 15 homes, marking a notable decline from 35 in 2014 but with sustained buyer interest.
• Homes with pools: 9 homes sold, matching the previous year, showing steady demand for lifestyle-driven features.

Property Pricing Insights

Pricing trends in 2015 exhibited growth and pointed to Princeton’s strengthening market.

• Minimum price: $38,000, up from $30,000 in 2014, reflecting improvements at the entry-level.
• Maximum price: $407,500, significantly lower than 2014’s $675,000, indicating a shift in luxury sales.
• Average price: Increased to $167,775, an 7.5% rise from the previous year.
• Median price: Grew to $163,000, climbing from $148,000—a 10.1% increase.

Property Size and Features

Princeton homebuyers continued to seek varied property sizes and amenities, reinforcing the market’s diversity.

• Bedrooms: Most properties featured 3 bedrooms, aligning with consumer preferences.
• Bathrooms: Homes averaged 2 bathrooms, with configurations ranging from 1 to 4 bathrooms.
• Square footage: Sizes ranged from 624 sqft to 3,393 sqft, with an average of 1,844 sqft, slightly smaller than 2014’s average of 1,891 sqft.
• Lot sizes: Averaged 0.682 acres, a minor decline from 2014’s 0.815 acres, though still spacious.

Market Dynamics

The 2015 market demonstrated increased momentum and strong value propositions.

• Days on Market (DOM): Properties sold faster, averaging 36 days, down from 52 days in 2014.
• ClsPr/LstPr Ratio: Improved to 98.72% from 97.74%, reflecting tighter negotiations.
• ClsPr/OLP Ratio: Jumped dramatically to 144.99%, driven by specific outliers such as underpriced listings producing over-asking bids.
• Average price per sqft: Increased to $91.65, continuing the upward trend from 2014’s $82.05.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2015

Electricity prices dipped to $0.12 per kilowatt-hour in 2015, down from $0.13 in 2014. This small decrease likely provided a bit of financial breathing room to households, which could have been channeled into homeownership costs. Prospective homebuyers looking for energy-friendly homes continued to dominate market trends.

Average Price for Regular Gasoline in Texas in 2015

Gas prices fell significantly to $2.17 per gallon in 2015, down from $3.15 in 2014. Plummeting fuel costs were a game-changer for homebuyers considering longer commutes. Lower transportation expenses made suburban and rural areas increasingly attractive, potentially driving demand for properties in these regions.

Average 30-Year Fixed Mortgage Rate in 2015

Mortgage rates declined slightly to 3.99% in 2015, down from 4.31% in 2014. homebuyers took advantage of this drop to enter the housing market or refinance existing loans for more affordable terms. Partnering with a local mortgage loan originator to secure pre-approval was crucial for those navigating the competitive environment fueled by lower rates.

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 Real Estate Market Analysis for Princeton, TX in 2015

The 2015 Princeton, Texas real estate market demonstrated resilience and heightened activity, achieving faster sales and increased pricing despite reduced new construction and luxury activity. Stable volume and diverse price points reaffirmed Princeton as an attractive market with strong buyer demand. These trends suggest continued adaptability and strength moving forward into 2016.

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!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping buyers and sellers navigate the exciting real estate landscape in Princeton, 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 Princeton, Texas! Call/text 214-940-8149

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