How’s the Palestine TX Real Estate Market? – July 2020 Report

How’s the Real Estate Market? – July 2020 Report – Local Real Estate

So…how’s the Real Estate Market in Palestine, Texas? Has COVID-19 changed the market completely?! Let’s check out the last month’s statistics.

In the last 30 days, the Palestine Texas Association of REALTORS® MLS had the following activity:

How’s the Palestine TX Real Estate Market? – July 2020 Report Graph
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Total # of Active MLS Listings: 61

  • New Listings Added in last 30 days: 31
  • Total Properties Sold in last 30 days: 39
  • Average List Price (of homes sold in last 30 days) : $186,987
  • Properties under contract / pending sale as of August 1st, 2020: 63
  • List Price to Sales Price Average: 96.35% (This means that if the property listed at $100,000 the average final sales price was $96,350. Keep in mind this is an average and not typical for every sale.)
  • Average Days on Market was 87 Days
  • Median Price per Square Foot for Homes Sold was $83.85 per square foot
  • The median list price of new listings in the last 30 days is $147,500.

2019 vs. 2020 Historical Real Estate Market Comparisons

Check out the differences in the same 30-day segment of this same 30-day period a year ago vs. today. Highlights include:

  • In 2020, the average sold price was $180,305 and in 2019 was $152,281.
  • There were 6 more homes sold during the same period in 2020 than in 2019.
  • On average, homes are selling 3 days faster this year as compared to last year.
  • The median price per square foot has gone from $80.32 in 2019 to $83.85 in 2020.
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That’s a lot of numbers, but what does this all mean?!

As of today, the market absorption rate is 1.56. What on earth does that mean?! It means that if no other properties were listed for sale in Palestine, TX, it would take just under 2 months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Our local housing market is experiencing an extreme lack of inventory, with many homes going multiple offers. Happy housing, y’all!

UNFORTUNATELY REQUIRED DISCLAIMER: This data was compiled from Palestine Area Association of REALTORS® Multiple Listing Service by Lisa Priest, Broker with Picket Fence Realty for informational purposes only. Please note that this data is for residential properties in Anderson county only. This data is current as of 8-1-2020 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.

Lisa Priest likes to watch the trends and is a Palestine, Texas Real Estate Broker / REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more at BuyPalestine.com