How’s the Real Estate Market? – April 2021 Report – Local Palestine TX Real Estate Information
So…how’s the Real Estate Market in Palestine, Texas? Rates are low and inventory is even lower….Has the last year changed the real estate 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:
Total # of Active MLS Listings: 24
New Listings Added in last 30 days: 30
Total Properties Sold in last 30 days: 25
Average List Price (of homes sold in last 30 days) : $226,076
Properties under contract / pending sale as of April 17, 2021: 59
List Price to Sales Price Average: 96.67% (This means that if the property listed at $100,000 the average final sales price was $96,670. Keep in mind this is an average and not typical for every sale.)
Average Days on Market was 77 Days
Average Price per Square Foot for Homes Sold was $125.76 per square foot
The median list price of new listings in the last 30 days is $139.250.
2020 vs. 2021 Historical Real Estate Market Comparisons
In 2020, the average sold price was $173,350 and in 2021 was $221,640.
There were 2 more homes sold during the same period in 2020 than in 2021.
On average, homes are selling 54 days faster this year as compared to last year.
That’s a lot of numbers, but what does this all mean?!
As of today, the market absorption rate is .96. 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 1 months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market.
I have never seen inventory numbers this low…Our local housing market is experiencing an extreme lack of inventory. It’s a great time to be a home seller! Call us if you are ready to buy or sell! Happy housing, y’all!
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 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 4-17-2021 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.