The 2023 real estate market in Celina, Texas experienced notable activity, with 1,266 homes sold despite the headwinds of an average 7% mortgage rate. This analysis delves into key trends, pricing shifts, and standout properties, providing an insightful overview of the market’s evolving dynamics.

Total Homes Closed

A total of 1,266 homes closed in 2023, a 39.4% increase from the prior year. Of these, new construction homes contributed significantly, with 720 units sold. Additionally, 79 homes with pools were sold, reflecting steady demand for properties with premium amenities.

Property Pricing Insights

• Minimum Price: $100,000
• Maximum Price: $5,000,000
• Average Price: $663,229
• Median Price: $620,298

Although the average price slightly decreased compared to the previous year, this reflects a broader range of transactions and adjustments for affordability among buyers.

Property Size and Features

• Bedrooms: Most homes had 4 bedrooms on average.
• Bathrooms: Typically, 3 bathrooms were included, offering practical layouts for families.
• Square Footage: The average home was 2,909 square feet, with a median size of 2,902 square feet.
• Lot Size: Properties averaged 0.365 acres, with premium homes offering significantly larger lots, like the 53-acre luxury sale.

Market Dynamics

• Days on Market (DOM): Homes stayed on the market for an average of 55 days, highlighting slower absorption rates compared to faster-moving markets in prior years.
• Average ClsPr/LstPr (Close Price to Listing Price): 97.61%, showing slight price negotiation in transactions.
• Average ClsPr/OLP (Close Price to Original Listing Price): 102.86%, suggesting some homes required competitive adjustments to capture buyer interest.
• Average Price per SqFt: $228.62, demonstrating robust pricing for space efficiency.

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 Celina, TX in 2023

The 2023 real estate market in Celina, Texas stood out as a year of adaptation and resilience. With higher mortgage rates averaging 7%, both buyers and sellers had to adjust their approaches. Creative strategies such as builder incentives, seller concessions, rate buy-downs, and seller financing played a critical role in keeping the market active. Despite these challenges, the guidance of experienced realtors ensured smooth transactions, highlighting the importance of informed decision-making in a competitive market.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers, and especially first-time homebuyers, the 2023 market demanded preparation and adaptability. Securing mortgage pre-approval became more critical than ever, allowing buyers to understand their financial limits in a high-rate environment. Realtors played a significant role in navigating complex conditions, offering expert advice on market trends and guiding buyers toward favorable opportunities, including homes with seller financing or rate reductions. First-time buyers particularly benefited from realtors’ insights, which empowered them to make confident purchasing decisions despite the hurdles posed by higher borrowing costs.

Home-Sellers Perspective

Home sellers faced unique challenges in 2023, as higher mortgage rates reduced buyer affordability, often slowing transaction timelines. Many sellers leaned heavily on their realtors for effective marketing strategies and pricing advice. Realtors proved invaluable in showcasing properties to stand out in a crowded market and negotiating terms like closing concessions or assumable mortgages to attract buyers. By partnering with real estate experts, sellers were able to achieve positive outcomes despite the market’s shifting dynamics.

Final Thoughts

The 2023 real estate market in Celina, TX underscored the importance of being well-informed and prepared. Both buyers and sellers benefited from the guidance of experienced realtors who provided the knowledge required to understand market trends and craft tailored strategies. High mortgage rates brought new challenges, but also new solutions—including builder incentives, seller concessions, and creative financing options—that underscored the market’s ability to adapt. Ultimately, the collaboration between buyers, sellers, and skilled realtors allowed for successful outcomes, turning a challenging year into a period of opportunity for those ready to seize it.

Why Historical Statistical Data Matters in the Celina, Texas Real Estate Market

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

The information presented above is just a small glimpse into the wealth of essential data available to help both homebuyers and sellers set realistic expectations and gain an initial understanding of the real estate market in Celina, Texas. Real estate transactions are intricate, and what you see here is merely a sample of the many factors at play in each deal in this city.

Beyond these insights, a comprehensive analysis is available that focuses on specific aspects like zip codes, neighborhoods, and homes within certain school districts in Celina. This granular data dives deeper into market trends, allowing for a precise understanding of local dynamics. Additionally, historical data plays a critical role in crafting informed strategies, providing the context needed to make confident decisions that align with your goals.

Meet Your Trusted Realtor and Mortgage Expert in Celina, 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 Celina, 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 Celina, Texas! Call/text 214-940-8149

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

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