Real Estate Trends in Palestine Texas– July 2022 Report
Real Estate Trends in Palestine Texas– July 2022 Report- How’s the real estate market-Palestine Texas?
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?
At a glance: Inventory levels are rising, but still historically low = Still a Seller’s Market but not as hot as it was! 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!
What happened in the Palestine Texas Real Estate Market in the last 30 days? – Real Estate Trends in Palestine Texas– July 2022 Report
How’s the real estate market-Palestine TX? July 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: 53
- New Listings Added in last 30 days: 49
- Total Properties Sold in last 30 days: 30
- Average List Price (of homes sold in last 30 days) : $282,153
- Properties under contract / pending sale: 46
- List Price to Sales Price Average: 99.67%(This means that if the property listed at $100,000 the average final sales price was $99,670. Keep in mind this is an average and not typical for every sale.)
- Average Days on Market was 45 Days
- Average Price per Square Foot for Homes Sold was $148.42 per square foot
- The median list price of new listings in the last 30 days is $172,800
2021 vs. 2022 Historical Real Estate Market Comparisons – Now 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 $277,867 and in 2021 was $217,335
- There were 16 more homes sold during the same period in 2021 than in 2022.
- On average, homes are selling 11 days faster this year as compared to last year.
That’s a lot of real estate trends and numbers, but what does this all mean?!
As of today, the local palestine texas real estate market absorption rate is 1.76. 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 2 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 7-31-2022 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.
