The 2024 real estate market in Princeton, Texas showcased resilience and adaptability. With 1,497 single-family homes sold, new constructions played a notable role, accounting for two-thirds of the total sales. However, the market saw slightly lower average prices compared to previous years. Economic conditions, including a 6.90% average mortgage rate and modest decreases in gas and energy costs, influenced buyer and seller behaviors.
Key Takeaways and Trends from Princeton’s 2024 Real Estate Market
Pricing Range: Prices remained stable, with affordability benefiting from lower maximum prices but consistent averages.
Market Efficiency: A slower market demanded patience, with both DOM and pricing ratios reflecting a more balanced playing field for buyers and sellers.
Unique Outliers: The significant rise in new construction home sales, coupled with a modest uptick in homes featuring pools, reflects evolving buyer preferences and greater inventory availability..
Mortgage Rates Impact: The decrease in mortgage rates to 6.90%, though modest, provided slight relief for buyers, encouraging continued engagement, particularly in new constructions.
Total Homes Closed
A total of 1,497 homes were closed in 2024, marking a significant increase in activity.
New construction homes accounted for 989 sales, displaying robust growth in this category.
Homes with pools numbered at 12 properties, sustaining interest in leisure-friendly amenities.
Property Pricing Insights
The market saw a narrowing price range compared to 2023, with reduced maximum prices but consistent availability of budget-friendly options for buyers.
- Minimum Price: $95,000
- Maximum Price: $895,000
- Average Price: $336,350
- Median Price: $332,500
Property Size and Features
- Bedrooms ranged from 2 to 6, averaging 4 per home.
- Bathrooms ranged from 1 to 5, with an average of 2 bathrooms.
- Square Footage varied between 768 and 4,006 sqft, with an average of 1,922 sqft.
- Lot Sizes ranged from compact at 0.001 acres to 8.434 acres, averaging 0.181 acres, highlighting a preference for smaller properties.
Market Dynamics
- Days on Market (DOM) has risen to an average of 44 days, with a maximum of 439 days, highlighting a continued slowdown in transaction activity.
- Average ClsPr/LstPr Ratio was 97.84%, reflecting steady buyer-seller negotiations compared to 2023.
- Average ClsPr/OLP Ratio held firm at 96.15%, reinforcing stable listing strategies.
- Average Price Per SqFt was $178.85, a slight decrease from 2023, indicating affordability gains.
Insights into the Most Expensive Princeton, TX Property Sold in 2024
The most expensive home sold in 2024 was a 4-bed, 2-bath property built in 2007, situated on a generous 4.625-acre lot.
Key Highlights:
- Price: $895,000
- Square Footage: 2,145 sqft
- Price Per SqFt: $417.25
- Lot Size: 4.625 acres
- Days on Market (DOM): 7
- ClsPr/LstPr and ClsPr/OLP Ratios: 96.24%
- Year Built: 2007
This property stood out for its spacious lot and luxury finish, making it a unique transaction in a year with tempered high-end activity. It underscored the demand for well-maintained, expansive homes offering value for the price.
Economic context
Average Electricity Costs in Dallas-Fort Worth in 2024
Electricity prices rose again to $0.19 per kilowatt-hour in 2024, up from $0.17 in 2023. The steady rise in energy costs underscored the growing value of homes equipped with renewable energy solutions. Energy-conscious designs likely remained a key factor in real estate market trends.
Average Price for Regular Gasoline in Texas in 2024
Gas prices settled slightly lower at $2.86 per gallon in 2024, down from $3.06 in 2023. This decrease, while modest, might have encouraged more exploratory behavior from buyers considering homes in more distant locations. The reduced cost of transportation relieved some financial stress for commuting.
Average 30-Year Fixed Mortgage Rate in 2024
The average 30-year fixed mortgage rate fell marginally to 6.90% in 2024, down from 7.00% in 2023. While still elevated, this slight decline could provide homebuyers with additional opportunities to re-enter the market. Pre-approvals with a local mortgage loan originator remained critical in helping buyers react quickly to evolving financial conditions and maintain a competitive edge.
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Overview of Differences Between the 2023 and 2024 Real Estate Markets in Princeton, Texas
Volume of Sales
The real estate market in Bobak experienced a significant rise in activity with 1,497 homes sold in 2024, compared to 961 homes sold in 2023—a 56% increase.
Pricing
- Minimum Price fell from $115,000 in 2023 to $95,000 in 2024, indicating more budget-friendly options.
- Maximum Price dropped sharply from $1,550,000 to $895,000.
- Average Price saw a slight dip, moving from $346,690 in 2023 to $336,350 in 2024.
- Median Price was marginally lower, from $334,690 to $332,500.
Market Efficiency
Days on Market (DOM) increased from 35 days to 44 days, reflecting slower transaction speeds.
The Average ClsPr/LstPr Ratio remained relatively stable, dropping slightly from 98.18% in 2023 to 97.84%.
The Average ClsPr/OLP Ratio also held steady, moving from 96.37% in 2023 to 96.15% in 2024.
Property Features
The average square footage increased slightly from 1,901 sqft to 1,922 sqft, while lot sizes shrank modestly.
New construction homes surged, rising from 565 in 2023 to 989 in 2024, signaling strong growth in this category.
Homes with pools increased marginally, from 10 in 2023 to 12 in 2024.
Economic Context
The average 30-year fixed mortgage rate decreased modestly from 7.00% to 6.90%, offering slight relief to buyers. Reductions in energy and gas costs also contributed to a more manageable economic environment for buyers and sellers alike.
Overall, 2024 saw an increase in activity and inventory, greater affordability, and a focus on new constructions, though the slower market dynamics required more patience from participants.
Summary of Real Estate Market Analysis for Princeton, TX in 2024
The 2024 real estate market in Princeton, Texas presented a dynamic yet challenging environment, with significant shifts impacting both homebuyers and home-sellers.
Homebuyers’ Perspective
For homebuyers, the market leaned heavily in their favor. A disproportionate number of new construction homes—nearly two-thirds of total home sales—created plenty of options for those seeking modern, move-in-ready properties. Builders further sweetened the deal with extensive incentives, ranging from flexible financing to added upgrades, making new construction homes especially attractive. These factors, paired with marginally lower preowned home prices, opened opportunities for buyers to negotiate and achieve greater value. This abundance of inventory, combined with softer price points, pointed to a market where patience and research could lead to excellent deals.
Home-Sellers’ Perspective
Conversely, home-sellers, particularly those with preowned homes, faced mounting challenges. The overwhelming supply of affordable new construction homes—loaded with builder incentives—created stiff competition that preowned homes struggled to match. This dynamic exerted downward pressure on preowned home prices, making it crucial for sellers to adapt. Strategic pricing became essential, as overpricing reduced the likelihood of attracting buyers in a market that offered newer alternatives. Additionally, investing in home improvements, staging, and enhanced curb appeal grew more important for sellers aiming to compete effectively.
Overall, the 2024 market was shaped by significant disruptions brought on by the rise of new constructions and evolving buyer preferences. Homebuyers celebrated a wealth of attractive options, while home-sellers were encouraged to adapt their strategies to successfully capture interest in a highly competitive market.
The Importance of Statistical Data in Princeton, Texas Real Estate Market
Did you know that appraisers and Realtors rely on historical statistical data to determine a property’s current value?
Analyzing historical market data is essential for making informed decisions in today’s real estate market. Examining past trends provides valuable insights that facilitate accurate pricing, more strategic negotiations, and a comprehensive understanding of market dynamics. By understanding market dynamics, both homebuyers and home-sellers can leverage the conditions to achieve their goals.
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Oleg Sedletsky REALTOR® in Princeton, Texas. Call/Text 214.940.8149
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A Comprehensive Analysis of Single-Family Residential Housing Market in Princeton, TX: 2010 to Present
Discover the trends, stats, and insights shaping Princeton’s real estate market year by year!
2010-2020
Princeton, TX Real Estate Market Report 2010: Analysis and Trends
Princeton, TX Real Estate Market Report 2011: Analysis and Trends
Princeton, TX Real Estate Market Report 2012: Analysis and Trends
Princeton, TX Real Estate Market Report 2013: Analysis and Trends
Princeton, TX Real Estate Market Report 2014: Analysis and Trends
Princeton, TX Real Estate Market Report 2015: Analysis and Trends
Princeton, TX Real Estate Market Report 2016: Analysis and Trends
Princeton, TX Real Estate Market Report 2017: Analysis and Trends
Princeton, TX Real Estate Market Report 2018: Analysis and Trends
Princeton, TX Real Estate Market Report 2019: Analysis and Trends
Princeton, TX Real Estate Market Report 2020: Analysis and Trends
This market analysis is intended solely for educational purposes. This market analysis is based on data sourced from NTREIS, Inc. This analysis is exclusively focused on single-family homes and does not account for other property types. The total number of real estate transactions within the specified period and location may vary. This market analysis does not account for all new construction home sales. If you need detailed information about recorded property sales or other public records, please contact the appropriate city or county office.