Palestine Texas Real Estate Market Report– February 2024
How is the Real Estate Market in Palestine Texas?- Palestine Texas Real Estate Market Report– February 2024
We are constantly watching the Palestine Texas real estate market trends. We keep an eye on the local real estate market, so we can keep you informed. The Palestine, Texas real estate market is highly localized and the real estate market has shifted from the recent years. We have compared and compiled the most up-to-date Palestine TX MLS market stats and info for Palestine and Anderson County area real estate inventory, pricing and marketing trends to provide an overall idea 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 property in Palestine TX? Let’s check out the last month’s statistics in our local real estate market!
At a glance: We are in a buyer’s market. Things are still adjusting–Interest rates have risen and inventory levels, price reductions, buyer incentives & days on market are going up.
What has been happening in the Market in the last 30 days?
How’s the real estate market in Palestine Texas? Palestine Texas Real Estate Market Report– February 2024 – Real Estate Market Trends in Palestine TX– Local Palestine TX Real Estate Information
Is the 2024 Palestine TX Real Estate Market Good? Bad? Ugly?
In the last 30 days, the Palestine Texas Association of REALTORS® MLS had the following activity:
- Total # of Active MLS Real Estate Listings: 120
- New Palestine Real Estate Listings Added in last 30 days: 34
- Total Properties Sold in last 30 days: 15
- Average List Price (of homes sold in last 30 days) : $258,827
- Properties under contract / pending sale: 59
- List Price to Sales Price Average: 95.44 %(This means that if the property listed at $100,000 the average final sales price was $95,440. Keep in mind this is an average and not typical for every sale.)
- Average Days on Market was 91 Days
- Average Price per Square Foot for Homes Sold was $143.67 per square foot
- The median list price of new listings in the last 30 days is $237,450
2023 vs. 2024 Historical Palestine Texas MLS Market Comparisons – Now vs. a year ago?
Check out the differences 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 $240,625 and in 2024 is $251,300.
- There was 1 more home sold in 2023 than in 2024.
- On average, Palestine Texas homes are selling 16 days slower this year as compared to last year.
What does it mean for the local 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 February 2024?
As of today, the local Palestine Texas real estate market absorption rate is 8. What on earth does that mean? It means that if no other properties were listed for sale in Palestine, TX, it would take 8 months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market, so we have firmly moved into a buyer’s market for the first time since 2019! 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 2-13-2024 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
Palestine Texas Real Estate Market Report– February 2024
