How’s the Real Estate Market in Palestine TX? – May 2021 Report– Local Palestine TX Real Estate Information

How’s the Real Estate Market in Palestine TX?  Rates are low and inventory is even lower…. ! Let’s check out the last month’s statistics.

Quick Market Overview:  There is extremely limited inventory. Inventory levels are slightly higher than last month, but still historically low = Seller’s Market!

How’s the Real Estate Market in Palestine TX in the last 30 days?

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

Total # of Active MLS Listings: 31

• New Listings Added in last 30 days: 45
• Total Properties Sold in last 30 days: 27
• Average List Price (of homes sold in last 30 days) : $231,578
• Properties under contract / pending sale as of May 21, 2021: 67
• List Price to Sales Price Average: 98.74% (This means that if the property listed at $100,000 the average final sales price was $98,740. Keep in mind this is an average and not typical for every sale.)
• Average Days on Market was 67 Days
• Average Price per Square Foot for Homes Sold was $108.71 per square foot
• The median list price of new listings in the last 30 days is $165,000.

 
2020 vs. 2021 Historical Real Estate Market Comparisons – How’s the Real Estate Market in Palestine TX vs a year ago?

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

• In 2020, the average sold price was $165,426 and in 2021 was $227,082.
• There was 1 more homes sold during the same period in 2021 than in 2020.
• On average, homes are selling 33 days faster this year as compared to last year.
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That’s a lot of numbers, but what does this all mean?!

As of today, the market absorption rate is 1.14. 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 1 month 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 5-21-2021 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.