How’s the real estate market-Palestine TX?– Real Estate Market Trends in Palestine TX– June 2022 Report – Local Palestine TX Real Estate Information
How’s the real estate market-Palestine TX? June 2022 Report-
Inventory is still historically low and interest rates are slowly rising…Is now the time for you to buy or sell real estate in Palestine TX? Let’s check out the last month’s stats, shall we?
Quick Market Overview: There is extremely limited inventory-still historically low = Seller’s Market! Interest rates have started rising, so the stats in the next few months will be interesting to watch!
At a glance: Inventory levels are rising, but still historically low = Seller’s Market! Interest rates have started rising and inventory levels are going up, so the market is still shifting. The next few months will be interesting to watch!
How’s the Real Estate Market in Palestine TX in the last 30 days?
How’s the real estate market-Palestine TX? June 2022 Report–Real Estate Market Trends in Palestine TX– Local Palestine TX Real Estate Information- Is the Palestine TX Real Estate Market Good?
- In the last 30 days, the Palestine Texas Association of REALTORS® MLS had the following activity:
- Total # of Active MLS Listings: 54
- New Listings Added in last 30 days: 50
- Total Properties Sold in last 30 days: 35
- Average List Price (of homes sold in last 30 days) : $199,933
- Properties under contract / pending sale as of June 3rd, 2022: 61
- List Price to Sales Price Average: 100.39% (This means that if the property listed at $100,000 the average final sales price was $100,390. Keep in mind this is an average and not typical for every sale.)
- Average Days on Market was 40 Days
- Average Price per Square Foot for Homes Sold was $117.29 per square foot
- The median list price of new listings in the last 30 days is $158,200
2021 vs. 2022 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 2022, the average sold price was $200,989 and in 2021 was $222,368.
- There were 7 more homes sold during the same period in 2022 than in 2021.
- On average, homes are selling 21 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 1.54. 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 ½ months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market. Like most of the country, our local housing market is still experiencing a lack of inventory, although inventory levels are on the rise currently. Call us if you are ready to buy or sell! Happy housing, y’all!
Lisa Priest likes to chart 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 6-3-2022 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
