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The 2023 real estate market in Prosper, Texas faced continued challenges with rising mortgage rates, which averaged 7.00% for a 30-year fixed loan. The higher rates, combined with steady economic shifts in energy and fuel costs, added to buyer hesitation and impacted mid-level purchasing power. Although fewer luxury properties sold compared to prior years, the market demonstrated resilience with a substantial increase in total transactions and new home construction relative to 2022. The diversity of property offerings and ongoing demand supported steady pricing trends with slight moderation in market competition.

Total Homes Closed

A total of 975 homes were sold in 2023, an increase compared to the 793 homes sold in 2022. Among these, 448 were new construction homes, reflecting a growing interest in modern, freshly built homes. Meanwhile, the sale of 161 homes with pools marked a notable drop compared to previous years, pointing to either inventory constraints or changed buyer priorities.

Property Pricing Insights

• Minimum Price: $269,900
• Maximum Price: $7,200,000
• Average Price: $883,987
• Median Price: $805,100

Property pricing remained robust, with the average price stabilizing close to prior year levels despite market pressures.

Property Size and Features

• Bedrooms and Bathrooms: Most homes averaged 4 bedrooms and 4 bathrooms, reflecting family-friendly configurations.
• Square Footage: Property sizes averaged 3,489 sqft, with offerings ranging from compact layouts to expansive estates.
• Lot Size Area: The average lot covered 0.279 acres, accommodating varied property designs for flexibility in amenities and space.

Market Dynamics

• Days on Market (DOM): Homes spent an average of 62 days on the market, indicating slower transactions than in previous years.
• ClsPr/LstPr Ratio: 97.10% reflected softened competition and buyer leverage.
• ClsPr/OLP Ratio: 94.96%, underscoring the importance of realistic initial pricing strategies.
• Average Price per Square Foot: $250.06, signaling consistent cost valuation despite adjustments in other dynamics.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2023

Electricity prices dropped slightly to $0.17 per kilowatt-hour in 2023, compared to $0.18 in 2022. While this small decrease provided some relief, energy-efficient homes remained a top priority for homebuyers. Such features offered long-term cost savings that appealed to budget-conscious households.

Average Price for Regular Gasoline in Texas in 2023

Gas prices fell to $3.06 per gallon in 2023, down from $3.47 the previous year. This decline could have renewed interest in suburban properties by making commutes more affordable. homebuyers may have placed higher importance on access to amenities and infrastructure to balance the potential for rising future gas prices.

Average 30-Year Fixed Mortgage Rate in 2023

Mortgage rates increased to 7.00% in 2023, up sharply from 5.53% the prior year. This jump added significant pressure to affordability and homebuyers’ decision-making. Pre-approvals through local mortgage loan originators became essential in helping buyers secure competitive rates and stay within budget during challenging conditions.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2023

The 2023 real estate market in Prosper, Texas exhibited both resilience and adjustment as higher mortgage rates significantly shaped buyer sentiment and market dynamics. While overall transaction volume increased compared to 2022, metrics like Days on Market (DOM) and close price-to-listing price ratios highlighted a tempered pace of sales. Despite these challenges, demand for new construction and well-priced properties underscored the market’s adaptability in navigating economic pressures.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers and particularly first-time homebuyers, 2023 presented both opportunities and hurdles. Rising mortgage rates pushed affordability to its limits, making it more important than ever to approach the market with careful planning and preparation. Securing mortgage pre-approval became a non-negotiable standard for serious buyers in Prosper, ensuring their offers were competitive and considered. Additionally, working with a knowledgeable Realtor who provided deep insights into pricing trends, neighborhood dynamics, and market forecasts proved essential in finding the right property within budget while avoiding unnecessary delays.

Home-Sellers Perspective

Home Sellers in 2023 faced a real estate landscape that required strategic decision-making. With buyers becoming more cautious, pricing homes realistically from the outset and adjusting expectations became critical. The expertise of a Realtor was invaluable in navigating this climate, as sellers relied heavily on professional advice, customized marketing strategies, and effective pricing to meet buyer expectations. Realtors were especially instrumental in helping sellers showcase their properties’ unique features, attracting attention in a competitive market, and ultimately securing favorable deals.

Final Thoughts

The 2023 real estate market in Prosper, TX highlighted the importance of adaptability and strategy for all participants, from buyers seeking dream homes to sellers striving to maximize value. With Prosper’s evolving market conditions, the guidance of a skilled real estate professional is more important than ever to help clients achieve their goals confidently and effectively.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!

The real estate market in Prosper, Texas during 2022 underwent significant shifts as rising mortgage rates and economic conditions reshaped buyer and seller behavior. With a 5.53% average 30-year fixed mortgage rate and rising utility costs, market activity slowed, but home prices saw substantial growth. The landscape reflected cautious investment with steadier demand for luxury and well-featured homes.

Total Homes Closed

A total of 793 homes changed hands in 2022, marking a dip from the prior year. Among these, 164 were new construction homes, reflecting a continued but modest contribution from developers. Additionally, 181 properties included pools, a slight decline suggesting tempered demand for leisure-oriented features.

Property Pricing Insights

• Minimum Price: $310,000
• Maximum Price: $3,975,000
• Average Price: $901,534
• Median Price: $840,000

While prices at the lower end provided entry points for buyers, the upper end solidified luxury trends, with the most expensive sales further driving the market’s average values.

Property Size and Features

• Bedrooms: The average property featured 4 bedrooms, with homes ranging from 2 to 9 bedrooms.
• Bathrooms: Most homes included 4 bathrooms, with a mix of full and half-bath layouts.
• Square Footage: Average size stood at 3,513 sqft, with homes ranging from 828 to 29,122 sqft.
• Lot Size: Properties averaged 0.318 acres, with the largest lot spanning nearly 6 acres.

Market Dynamics

• Days on Market (DOM): Homes sold in an average of 27 days, showing slightly slower activity compared to the fevered pace of 2021.
• ClsPr/LstPr Ratio: At 101.96%, buyers offered slightly above listing prices on average.
• ClsPr/OLP Ratio: Closed prices reached 100.16% of original listings, closely aligning with expectations.
• Average Price per Square Foot: $256.66, reflecting continued appreciation and a focus on property value per unit space.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2022

Average electricity prices spiked to $0.18 per kilowatt-hour in 2022, a sharp increase from $0.14 in 2021. Higher energy expenses placed added strain on household budgets, driving demand for energy savings. Homes with modern insulation, solar installations, or energy-saving appliances gained significant appeal during this period.

Average Price for Regular Gasoline in Texas in 2022

Gas prices surged to $3.47 per gallon in 2022, jumping from $2.65 in 2021. The substantial increase in transportation costs likely swayed homebuyers to favor central locations or areas close to public transit. Long commutes to suburban or rural homes might have lost some appeal in light of elevated gas prices.

Average 30-Year Fixed Mortgage Rate in 2022

Mortgage rates climbed steeply to 5.53% in 2022, up from 3.15% the year before. The notable rise in rates significantly impacted affordability, persuading many to reassess their homeownership goals. Homebuyers were urged to secure pre-approval with a local mortgage loan originator to better understand their financial limits in a tightened market.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2022

The 2022 real estate market in Prosper, Texas demonstrated resilience amidst economic changes. Rising mortgage rates and a slower pace of market activity challenged buyers and sellers. Despite these hurdles, home prices continued to climb, and demand for quality properties remained strong, though contracts closed at a slower pace than in previous years.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers, particularly first-time buyers, mortgage pre-approval has shifted from being a recommendation to a necessity. Securing pre-approval not only shows financial readiness but also garners attention in this competitive market. Without pre-approval, offers are unlikely to be taken seriously. Working with a skilled Realtor can further simplify the home-buying process, ensuring that buyers can make informed decisions and secure their dream home with confidence.

Home-Sellers Perspective

Home sellers in 2022 leaned heavily on Realtors’ expertise to market their properties effectively and guide pricing strategies. With mortgage rate increases influencing buyer affordability, it was even more important to have a trusted real estate advisor to maximize visibility through strategic marketing and to price homes competitively for the best outcomes.

Final Thoughts

Navigating the dynamic and sometimes unpredictable real estate market of Prosper, TX requires expertise, planning, and data-driven decisions. Whether you’re buying your first home or selling your property, having a dedicated realtor by your side can make all the difference. The insights gained from real estate market analysis are the starting point for successful transactions, with a trusted professional ensuring your goals are met.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!

The 2021 real estate market in Prosper, Texas continued to evolve under the influence of the second year of COVID-19. While societal adjustments to the pandemic became more normalized, shifting buyer priorities and continued economic fluctuations left a significant impact. Supply chain restrictions curtailed new construction, but demand surged for existing homes, resulting in sharply rising prices and quicker sales.

Total Homes Closed

A total of 925 homes closed in 2021, reflecting a slight cooling in quantity from prior years but an increase in quality and value.

• New Construction Homes: 177, a significant drop due to pandemic-related disruptions.
• Homes with Pools: 219, showing a steady demand for properties with leisure-focused amenities.

Property Pricing Insights

• Minimum Price: $250,500
• Maximum Price: $4,950,000
• Average Price: $732,081
• Median Price: $670,000

The price distribution demonstrated a market primarily skewed toward mid-to-high range buyers, with significant activity in the upper segments reflecting the region’s affluent demographics.

Property Size and Features

• Bedrooms: Ranged from 2 to 9; most homes averaged 4 bedrooms.
• Bathrooms: Properties included between 1 and 11 baths, with the most common being 4 bathrooms.
• Square Footage: Homes varied between 1,170 sqft and 29,122 sqft, with an average of 3,554 sqft.
• Lot Size: Ranged from modest plots to grand estates spanning nearly 6 acres (.349 average).

Market Dynamics

• Days on Market (DOM): Properties sold in as little as 5 days on average, with an exceptional example closing in 0 days. The average DOM of 19 days reflected remarkable market efficiency.
• ClsPr/LstPr Ratio: 103.75%, underscoring bidding wars and strong buyer resolve.
• ClsPr/OLP (Close Price to Original Listing Price) Ratio: 220.17%, reflecting significant price adjustments and the high premiums buyers were willing to pay.
• Average Price per Square Foot: $204.68, the highest in recent years.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2021

Electricity prices rose again to $0.14 per kilowatt-hour in 2021, up from $0.13 in 2020. This upward trend in energy costs likely pushed buyers to prioritize homes with efficient heating and cooling systems. Green-certified homes may have seen increased interest as buyers sought to offset higher utility bills.

Average Price for Regular Gasoline in Texas in 2021

Gas prices climbed to $2.65 per gallon in 2021, up from $1.82 in the prior year. This sharp increase put pressure on household budgets, especially for buyers with long commutes. Urban properties or homes in transit-accessible locations likely became more appealing as buyers aimed to minimize transportation expenses.

Average 30-Year Fixed Mortgage Rate in 2021

The average 30-year fixed mortgage rate dropped slightly to 3.15% in 2021, down from 3.38% in 2020. This decline further fueled homebuying demand, making mortgages more affordable despite rising home prices. Potential homebuyers were strongly advised to secure pre-approval through local mortgage loan originators to enhance their financial readiness during highly competitive conditions.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2021

The 2021 real estate market in Prosper, Texas was a year of swift changes, driven by continued impacts from the second year of the COVID-19 pandemic. HomeBuyers competed fiercely in a low-inventory environment, driving up home prices and reducing days on the market to record lows. Despite challenges, the market demonstrated resilience and adaptability, shaped by shifting buyer preferences, historically low mortgage rates, and the ongoing need for versatile and comfortable living spaces.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers, especially first-time buyers, navigating Prosper’s fast-moving market in 2021 posed significant challenges. Mortgage pre-approval became essential, ensuring buyers were financially prepared to make quick, decisive offers in a highly competitive environment. Additionally, working with a seasoned Realtor proved invaluable. Realtors not only guided buyers through market nuances but also offered the insights needed to identify the right home in the most favorable terms. For first-time buyers, 2021 underscored the importance of understanding financial readiness and leveraging expert advice to secure opportunities amidst fierce competition.

Home-Sellers Perspective

For home sellers, 2021 was a remarkably favorable year, with properties often selling above the asking price and in record time. However, many sellers experienced regret, particularly those who chose not to work with real estate professionals. Without proper marketing strategies, these homes often sold for far less than their full potential. Preparing a home for sale and maximizing its value requires the expertise and strategic approach of a knowledgeable Realtor.

Reflecting on the 2021 Prosper real estate market, it’s evident that Realtors were instrumental in helping sellers achieve success. They offered customized marketing plans, accurate pricing advice, and valuable insights into market trends. By leveraging this expertise, sellers were able to navigate the process smoothly, ensuring their homes stood out to motivated buyers. Professional marketing played a crucial role in securing quick, profitable sales and maximizing outcomes for homeowners.

Final Thoughts

Whether buying or selling, the 2021 real estate market in Prosper, TX demanded informed decision-making and strategic guidance. Homebuyers benefited from expert advice to act quickly in a saturated and competitive market, while sellers thrived with a professional real estate advisor who could optimize their sales strategy. To navigate the intricate dynamics of real estate effectively, partnering with a knowledgeable realtor was imperative for both groups. The year’s trends highlighted the value a committed and experienced agent brings to every transaction.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!

The 2020 real estate market in Prosper, Texas was shaped by the unprecedented challenges of the COVID-19 pandemic. Despite the global turmoil, the housing market remained resilient, bolstered by historically low mortgage rates and growing buyer demand. Many homebuyers sought larger homes and properties with outdoor amenities, reflecting a shift toward prioritizing space and comfort during periods of lockdown. These factors drove a substantial increase in transactions and prices, confirming Prosper’s stability as a desirable residential market.

Total Homes Closed

Prosper, TX saw a total of 1,226 closed transactions in 2020, outperforming the previous year’s 1,089 sales. Among these, 212 homes featured pools, showing a rise in demand for properties with outdoor features. Additionally, 482 of the closed sales were new construction homes, slightly fewer than in 2019, possibly due to pandemic-related construction delays.

Property Pricing Insights

• Minimum Price: $142,500
• Maximum Price: $1,950,000
• Average Price: $559,224
• Median Price: $522,547

The increasing average and median prices underscored robust property appreciation, while the wide price range highlighted the market’s diversity.

Property Size and Features

• Average Bedrooms: 4
• Average Bathrooms (Full + Half): 4
• Average Square Footage: 3,552 sq. ft.
• Average Lot Size: 0.335 acres

These metrics reveal a preference for spacious, family-friendly homes with ample interior and exterior areas.

Market Dynamics

• Days on Market (DOM): 66 days
• ClsPr/LstPr Ratio: 97.76%
• ClsPr/OLP Ratio: 96.50%
• Average Price per Square Foot: $156.97

The shortened DOM and higher pricing ratios reflect an increasingly competitive market environment, with home buyers acting quickly to secure valuable properties.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2020

Electricity prices returned to $0.13 per kilowatt-hour in 2020, slightly lower than 2019’s $0.14. This small decrease might have supported household budgets as the economy faced numerous uncertainties. Energy savings further highlighted the appeal of efficient homes, adding value to sustainable designs and energy-conscious upgrades.

Average Price for Regular Gasoline in Texas in 2020

Gas prices dipped to $1.82 per gallon in 2020, down significantly from $2.29 in 2019. Lower transportation costs provided financial relief to homebuyers, potentially boosting interest in suburban and rural areas where homes were larger and more affordable. The drop in gas prices gave buyers more flexibility in location choices.

Average 30-Year Fixed Mortgage Rate in 2020

Mortgage rates averaged just 3.38% in 2020, a steep drop from 4.13% the previous year. This marked an historic low, attracting a surge of homebuyers eager to lock in affordable financing. Pre-approval with local mortgage loan originators became an essential first step as buyers navigated increased competition in a hot market.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2020

The 2020 real estate market in Prosper, Texas demonstrated resilience in the face of upheaval caused by the global pandemic. COVID-19 reshaped priorities for homebuyers, with many seeking larger spaces and enhanced amenities. With a low average mortgage rate of 3.38%, buyer activity surged, leading to record sales and rising property prices. This dynamic market proved both rewarding and challenging for buyers and sellers as they navigated changing conditions and heightened competition.

Homebuyers and First-Time Homebuyers Perspective

For home buyers, especially first-time homebuyers, 2020 underscored the significance of preparation. Low mortgage rates made ownership more attainable, but competition and rising prices required buyers to act swiftly. Mortgage pre-approval was a vital step, allowing homebuyers to define their budget and strengthen their offers. Partnering with an experienced and knowledgeable Realtor was equally crucial in navigating Prosper’s competitive market. Realtors provided guidance, access to listings, and negotiation expertise to help buyers secure their dream homes amid the year’s unique challenges.

Home-Sellers Perspective

In 2020, home sellers benefited from surging demand, often leading to multiple offers on their properties. Despite this favorable market, 97% of sellers choose to work with a Realtor, relying on their expertise to ensure a successful sale and achieve the best possible value for their homes. Realtors played a key role in strategic pricing and targeted marketing, ensuring properties attracted the right buyers quickly. While the COVID-19 pandemic brought uncertainty, Prosper’s real estate market remained resilient, further bolstering seller confidence.

Final Thoughts

The 2020 real estate market illuminated the importance of adaptability and professional expertise. Both homebuyers and sellers faced unique opportunities and challenges, and collaboration with a skilled Realtor ensured they achieved their real estate goals with ease. Whether navigating bidding wars or pricing a home for maximum appeal, working with a realtor proved invaluable in this exceptional year.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!

The 2019 real estate market in Prosper, Texas experienced notable growth and shifting dynamics. With 1,089 closed transactions, the market saw increased activity compared to prior years. Property values climbed modestly, while demand for larger homes with unique amenities such as pools remained steady. Developers continued to fuel inventory growth with nearly 580 new construction homes, marking the year as one of robust opportunity for homebuyers and home sellers

Total Homes Closed

A total of 1,089 residential single-family homes closed in 2019. Of these, 579 were new construction homes, reflecting the city’s ongoing development. Additionally, 150 homes with pools were sold, underscoring the appeal of lifestyle-oriented properties.

Property Pricing Insights

• Minimum Price: $200,000
• Maximum Price: $3,044,000
• Average Price: $525,621
• Median Price: $485,326

This gradual increase in average pricing highlights the sustained value appreciation in Prosper’s real estate market.

Property Size and Features

Homes sold in 2019 featured a mix of layouts and lot sizes:

• Bedrooms: Ranged from 1 to 6
• Bathrooms: 1 to 8, with a mix of full and half-baths
• Square Footage: From 1,091 sq. ft. to 9,016 sq. ft., with an average of 3,551 sq. ft.
• Lot Size varied significantly, with premium lots contributing substantially to a property’s appeal.

These metrics reflect Prosper’s growing inventory of spacious homes designed to align with buyers’ preferences for size and comfort.

Market Dynamics

• Days on Market (DOM): 93 days on average, signaling a balanced market with healthy turnover.
• ClsPr/LstPr Ratio: 96.70%, affirming that sellers priced their homes competitively.
• ClsPr/OLP Ratio: 93.99%, slightly lower than ClsPr/LstPr, likely due to homes with price reductions.
• Average Price per Square Foot: $146.98, showcasing an incremental rise in property values.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2019

The average electricity price in 2019 climbed to $0.14 per kilowatt-hour, up from $0.13 in 2018. This uptick added some pressure on household budgets, further solidifying the need for energy-efficient homes. Properties featuring solar panels or smart home technologies likely gained value as homebuyers sought ways to mitigate rising energy expenses.

Average Price for Regular Gasoline in Texas in 2019

Gas prices fell slightly to $2.29 per gallon in 2019, down from $2.44 in 2018. This small decline brought modest relief to transportation costs and may have encouraged suburban home purchases, where commuting distances tend to be longer. Homebuyers likely balanced fuel costs with home prices when making location decisions.

Average 30-Year Fixed Mortgage Rate in 2019

Mortgage rates averaged 4.13% in 2019, down from 4.70% the year before. This noticeable decline made homeownership more attainable for many homebuyers and likely spurred activity in the housing market. Pre-approvals through local mortgage loan originators remained key for buyers wanting to confidently pursue homes amid favorable rate conditions.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2019

The 2019 real estate market in Prosper, Texas showcased vibrant activity with a growing number of transactions, steady price appreciation, and a continued demand for diverse property types. From new construction homes to feature-laden luxury properties, the year reaffirmed Prosper’s versatility as a housing market catering to a wide range of homebuyers and sellers. Stable mortgage rates and a slight increase in Days on Market reflected a balanced market ripe with opportunities for both participants.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers, 2019 underscored the importance of preparation, especially for first-time homebuyers entering an active market. Securing mortgage pre-approval emerged as a crucial step in standing out as a serious buyer and providing clarity on budget constraints. Additionally, working with a knowledgeable realtor became even more essential, not only to identify the best opportunities but also to negotiate effectively in a market where properties were moving steadily. First-time buyers, in particular, benefited from guidance on navigating the complexities of the process, including understanding pricing trends and evaluating properties based on their long-term value.

Home-Sellers Perspective

Home sellers in 2019 leaned heavily on their realtors to craft effective marketing strategies that positioned their properties competitively. From pricing the home right to staging and highlighting unique features, sellers relied on their realtor’s expertise to attract the right buyers. The ability to sell properties close to their listing prices (ClsPr/LstPr at 96.70%) and in reasonable timeframes (93 days on average) demonstrated the impact of well-executed advice and marketing. Market trends also influenced seller decisions, as smaller price reductions and confident pricing strategies reflected the steady buyer demand throughout the year.

Final Thoughts

With Prosper’s diverse offerings and stable market momentum, buyers and sellers alike were able to capitalize on opportunities, paving the way for continued growth in the city’s housing market.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!

The 2018 real estate market in Prosper, Texas revealed a vibrant and dynamic environment with 972 closed sales for single-family homes. The year reflected both growth and evolving buyer preferences, with noticeable trends in pricing, home features, and market efficiency. While the average sales price increased compared to prior years, the market dynamics highlighted some unique outliers and the impact of rising mortgage rates.

Total Homes Closed

The year ended with 972 closed transactions, demonstrating strong buyer activity. Of these, 524 were new construction homes, and 157 featured pools. These subcategories highlight growing demand for modern builds and homes offering recreational amenities.

Property Pricing Insights

• Minimum Sale Price: $170,000
• Maximum Sale Price: $2,150,000
• Average Sale Price: $495,673
• Median Sale Price: $460,000

The pricing spectrum reflects a mix of affordability and high-end luxury, catering to broad market segments.

Property Size and Features

Bedrooms: Majority of homes had 4 bedrooms.

Bathrooms: A typical property included 4 bathrooms (3 full and 1 half).

Square Footage: Homes ranged from 956 to 11,950 square feet, with an average size of 3,449 square feet.

Lot Size: Lot areas varied widely, with an average of 0.288 acres.

This diversity underscores the appeal of Prosper’s market to both first-time homebuyers and those seeking larger family homes or estates.

Market Dynamics

• Days on Market (DOM): 83 days on average, showing steady demand and reasonable turnover.
• ClsPr/LstPr Ratios: Average ratio of 96.26%, confirming competitive pricing practices.
• ClsPr/OLP Ratios (Close Price to Original Listing Price): 93.79%, reflecting occasional price adjustments during the selling process.
• Average Price per Square Foot: $143.23, illustrating incremental value appreciation.

These figures emphasize a balanced market where sellers negotiate effectively and buyers close transactions within reasonable timeframes.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2018

Electricity prices increased to $0.13 per kilowatt-hour in 2018, compared to $0.12 in 2017. This climb likely drove demand for energy-efficient housing and renovations, placing greater emphasis on properties with modern upgrades that helped households manage increasing utility costs.

Average Price for Regular Gasoline in Texas in 2018

Gas prices also rose, reaching $2.44 per gallon in 2018, up from $2.19 in 2017. With transportation becoming more expensive, proximity to workplaces and public transportation remained important for homebuyers. Walkable neighborhoods and mixed-use developments gained traction during this period.

Average 30-Year Fixed Mortgage Rate in 2018

Mortgage rates climbed to 4.70% in 2018, from 4.14% in the previous year. For many homebuyers, this level of interest rate signaled urgency to act before rates increased further. Getting pre-approved by a local mortgage loan originator was pivotal for navigating the pressures of a market increasingly shaped by rising rates.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2018

The 2018 real estate market in Prosper, Texas reflected strong activity, with increased closings, steady pricing growth, and evolving homebuyer preferences. Demand for both new construction homes and properties with recreational amenities like pools remained high. Despite rising mortgage rates, the market proved resilient, offering opportunities for both buyers and sellers in a balanced, competitive environment.

Homebuyers and First-Time Homebuyers Perspective:

For homebuyers, and especially first-time buyers, 2018 presented both challenges and opportunities. Steady price appreciation emphasized the importance of acting quickly on properties, while the wide range of homes available—from affordably priced options to luxury estates—provided choices for various budgets. However, rising mortgage rates could have felt like a hurdle for newcomers. First-time homebuyers especially benefited from working with skilled realtors who not only understood the nuances of Prosper’s market but also guided them in navigating financing options and competitive bidding situations.

Home-Sellers Perspective:

The 2018 market also affirmed the critical role of realtors for home sellers. Sellers relied heavily on expert advice to price their homes accurately amidst shifting market conditions. Realtors provided strategies to maximize exposure through targeted marketing, online listings, and staging recommendations. These efforts ensured sellers connected with the right buyers efficiently, even in a competitive market. The increase in close price to listing price ratios further highlights how professional guidance empowered sellers to achieve strong results during transactions.

Final Thoughts:

Overall, the 2018 real estate market in Prosper, Texas demonstrated growth, adaptability, and opportunities for both buyers and sellers. While mortgage rates and property values trended upward, the market’s resilience was clear in the consistent activity across price ranges and property types.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!

The year 2017 proved to be an active and dynamic period for the residential single-family home market in Prosper, Texas. With 893 properties closed, the market displayed varied pricing, efficient sales cycles, and increasing demand for both new builds and unique property features such as swimming pools. This analysis dives into the key metrics and trends that shaped the local real estate market, providing a closer look at pricing, property characteristics, market efficiency, and notable highlights.

Total Homes Closed

A total of 893 properties were sold in 2017, reflecting a strong local market. Among these, 116 homes featured pools, highlighting the appeal of leisure-oriented amenities. Additionally, 448 newly constructed homes were sold, representing just over half of the total sales, signaling a high demand for modern-built properties.

Property Pricing Insights

• Minimum Price: $185,000
• Maximum Price: $1,615,000
• Average Price: $483,575
• Median Price: $450,000

The market catered to a wide range of buyers, with prices skewed slightly toward new and modern builds, as reflected in the median price of $450,000.

Property Size and Features

• Bedrooms: Ranged from 2 to 6 (average 4)
• Bathrooms: Ranged from 1 to 8 (average 4, with 3 full baths as the median)
• Square Footage: From 876 to 8,477 sq. ft. (average 3,470 sq. ft., median 3,501)
• Lot Size Area: Varied from .000 to 9.08 acres

The data reveals that the majority of homes were midsize, featuring 4 bedrooms and 4 bathrooms on average, with lot sizes varying drastically. Larger luxury homes contributed to upper pricing brackets.

Market Dynamics

• Days on Market (DOM): The average DOM was 73, indicating properties were sold relatively quickly. The median DOM of 49 days further signals that well-priced homes moved rapidly.
• Close Price to Listing Price Ratio (ClsPr/LstPr): At an average of 96.91%, homes typically closed near their original listing prices, showcasing market stability.
• Close Price to Original Listing Price Ratio (ClsPr/OLP): Averaging 94.96%, this metric suggests some price adjustments were made in the market but were not overly significant.
• Average Price per Square Foot: $139.30

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2017

Electricity prices rose to $0.12 per kilowatt-hour in 2017, after a year at $0.11. This small uptick likely reignited interest in smaller homes or energy-efficient features. homebuyers remained cautious about properties with older energy systems, viewing them as less desirable long-term investments.

Average Price for Regular Gasoline in Texas in 2017

Gas prices increased to $2.19 per gallon in 2017, up from $1.91 in 2016. While still relatively affordable, the rise may have led homebuyers to reconsider the financial trade-offs of suburban living. Proximity to public transportation hubs became a more significant factor during housing searches.

Average 30-Year Fixed Mortgage Rate in 2017

Mortgage rates rose to 4.14% in 2017, up from 3.79% the year prior. The return of higher rates reminded homebuyers of the importance of locking in favorable financing terms early. Pre-approval through local mortgage loan originators remained vital to navigating the shifting landscape effectively and with confidence.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Prosper, TX in 2017

The 2017 real estate market in Prosper, TX painted a picture of opportunity and activity. With a total of 893 homes sold, the market was shaped by strong buyer interest, efficient property sales, and a wide pricing range. Both established and first-time buyers found options across various price points, while sellers experienced notable success thanks to strategic pricing and marketing. The year offered balanced momentum for all participants, cementing Prosper’s real estate market as both dynamic and stable.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers, 2017 provided a variety of choices, with prices starting at $185,000 and reaching as high as $1,615,000. The availability of new construction homes was particularly attractive, allowing buyers to target modern builds with updated features. First-time homebuyers benefited from moderate mortgage rates averaging 4.14%, which made the process more financially accessible. The market’s efficiency, as reflected in the average close price to listing price ratio of 96.91%, gave buyers confidence that they were entering a fair and stable environment. Above all, the options available in bedroom and bathroom configurations, as well as lot sizes, allowed buyers to find homes that matched their lifestyles and needs.

Home-Sellers Perspective

For Home Sellers, the market in 2017 underscored the importance of positioning properties competitively. The median days on market (49) and close price to listing price ratio (96.91%) signal that well-priced homes moved quickly and with minimal negotiation. Sellers largely relied on their realtors’ expertise, whether through strategic pricing advice, professional photography to showcase homes, or marketing techniques to attract the right buyers. Realtors played a pivotal role in navigating the complexities of the home selling process, ensuring that homes were not only visible to prospective buyers but also aligned with market trends. Seller confidence was reflected in the overall market dynamics, where even high-end properties found buyers willing to invest.

Final Thoughts

The 2017 residential market in Prosper, Texas demonstrated a healthy balance between buyers’ needs and sellers’ expectations. Favorable mortgage rates played a significant role in encouraging steady buyer activity, while sellers leveraged professional support to achieve favorable outcomes. The market’s diversity in pricing, property types, and features catered to a wide demographic, from first-time buyers seeking affordability to seasoned homeowners pursuing luxury. This balance of supply and demand, coupled with market stability, marked 2017 as a successful year for real estate in Prosper, Texas, setting a strong foundation for the years to come.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

Meet Your Trusted Realtor and Mortgage Expert in Prosper, Texas!

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Prosper, TX: 2010 to Present

Discover the trends, stats, and insights shaping Prosper’s real estate market year by year!