August 2024 Palestine TX Real Estate Report

August 2024 Palestine TX Real Estate Report

It seems these days like every newscast, content creator and social media are busy telling us how the real estate market is. So..how correct are they?

We are knee deep in the market daily and always watching the ebbs and flows in the Palestine Texas real estate market. It’s our job and we love it! The Anderson County TX real estate market is highly localized and the real estate market ever moving! We have gathered the most up-to-date Palestine TX local MLS market stats and info for Palestine and Anderson County area real estate inventory, pricing and marketing trends to provide an overall picture of what is going on in the local housing market, so you can stay up to date with what is going on. Is now the right time for you to buy or sell a house in Palestine TX? Let’s check out the last month’s worth of statistics in our local real estate market as we head into the 3^rd quarter of 2024!

At a glance: We are firmly in a buyer’s market. Sales are slower, but prices per square foot are up overall compared to last year at this same time.

What has been happening in the Market in the last 30 days?

How is the Palestine Tx real estate Market? August 2024 Palestine TX Real Estate Report– Housing Market Trends in Palestine TX– Local Palestine TX Real Estate Information

Is the 2024 Palestine TX Real Estate Market Great? Is the August 2024 Palestine TX Real Estate Market Awful? Let’s see the REAL numbers!

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

• Total # of Active MLS Real Estate Listings: 138
• New Palestine Real Estate Listings Added in last 30 days: 34
• Total Properties Sold in last 30 days: 19
• Average List Price (of homes sold in last 30 days) : $285,621
• Properties under contract / pending sale: 59
• List Price to Sales Price Average: 95.56 %(This means that if the property listed at $100,000 the average final sales price was $95,560. Keep in mind this is an average and not typical for every sale.)
• Average Days on Market was 55 Days
• Average Price per Square Foot for Homes Sold was $147.41 per square foot
• The median list price of new listings in the last 30 days is $239,900
• 14 properties came back active from pending/under contract status
• # of properties with price reductions in last 30 days: 46

2023 vs. 2024 Historical Palestine Texas MLS Market Comparisons – Now vs. a year ago?

Things change and this year looks a bit different from last year. These are the comparisons in the Palestine, Texas real estate market during the same 30-day segment from a year ago vs. today. Highlights include:

• In 2023, the average sold price was $257,781 and in 2024 is $276,753.
• There were 5 more homes sold in 2023 than in 2024.
• On average, Palestine Texas homes are selling 25 days faster this year as compared to last year.

How is the housing supply inventory in Palestine Texas 75801 75803 Real Estate Market??

That’s a lot of real estate trends and numbers, but what does this all mean and how does it correlate to how the real estate market really is in Palestine Texas MLS during August 2024?

As of today, the local Palestine Texas real estate market absorption rate is 7.26. What on earth does that mean? It means that if no other properties were listed for sale in Palestine, TX, it would take just over 7 months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. The absorption rate steadily risen the last few months and has crested over to a buyer’s market. Call us if you are ready to buy or sell! Happy housing, y’all!

Lisa Priest likes to trend watch and is a Palestine, Texas Real Estate Broker / REALTOR® with Picket Fence Realty, Inc. You can reach her via phone at 903-729-7530 or read more at BuyPalestine.com

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 8-19-2024 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.

August 2024 Palestine TX Real Estate Report