Trends in the Palestine Real Estate Market – May 2023

Trends in the Palestine Real Estate Market – May 2023: We watch the real estate market trends in Palestine Texas so you don’t have to! The local Palestine, Texas real estate market is highly localized and the real estate market can sometimes be tricky to navigate. In this Palestine Texas real estate market trends report, we will look at the most up-to-date statistics and information regarding Palestine real estate prices, inventory, and sales trends to provide an overall picture of the current state of the local housing market so you can make informed decisions.

Inventory is still historically low (only just over 2 months of inventory!) and interest rates have risen and likely continuing to rise…Is now the time for you to buy or sell real estate in Palestine TX? Let’s check out the last month’s stats in our local real estate market, shall we?

At a glance: Inventory levels and days on market are rising but inventory is still low and hasn’t caught up to demand. Things are still adjusting–Interest rates are rising and inventory levels & days on market are going up. The next few months will be interesting to watch!

What trends happened in the Real Estate Market in the last 30 days?

How’s the real estate market-Palestine Texas? Trends in the Palestine Real Estate Market – May 2023 Report–Real Estate Market Trends in Palestine TX– Local Palestine TX Real Estate Information- Is the 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: 80
New Palestine Real Estate Listings Added in last 30 days: 53
Total Properties Sold in last 30 days: 28
Average List Price (of homes sold in last 30 days) : $273,521
Properties under contract / pending sale: 43
List Price to Sales Price Average: 97.59%(This means that if the property listed at $100,000 the average final sales price was $97,590. Keep in mind this is an average and not typical for every sale.)
Average Days on Market was 34 Days
Average Price per Square Foot for Homes Sold was $125.07 per square foot
The median list price of new listings in the last 30 days is $229,500

2022 vs. 2023 Historical Palestine Texas Real Estate 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 2022, the average sold price was $203,998 and in 2023 is $265,650.
There were 7 more homes sold in 2023 than in 2022.
On average, Palestine Texas homes are selling 6 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 and how does it correlate to how the real estate market really is in Palestine Texas during March 2023?
As of today, the local Palestine Texas real estate market absorption rate is 2.85. 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 2 months to run through the property inventory in Palestine, Texas. An absorption rate between 3-6 months is generally considered a balanced market 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 3-16-2023 and is not a warranty of future market conditions of any kind. This information is deemed reliable but not guaranteed.