The Prosper, Texas residential real estate market in 2016 exhibited steady growth, marked by increased sales activity and notable dynamics in pricing and property features. Reviewing data from 732 closed transactions provides valuable insights into the evolving preferences of homebuyers and the opportunities for sellers. This report aims to break down key metrics, identify trends, discuss market efficiency, and highlight standout properties that shaped the year’s performance.

Key Takeaways and Trends from the 2016 Real Estate Market in Prosper, TX

1. Pricing Range
Properties in Prosper ranged from $109,000 to $1,850,000 in 2016, with an average sales price of $470,432, showcasing affordability for mid-range buyers and appeal in the luxury sector.

2. Market Efficiency
The average property spent just 69 days on the market, with homes selling at 96.91% of their listing price. This highlights a stable market where well-priced homes moved quickly, offering opportunities for both buyers and sellers.

3. Unique Outliers
In 2016, the real estate market showcased several exceptional properties, including a luxury estate priced at $1.85 million. Similar to trends seen in 2014 and 2015, this estate featured a Casita with a private entrance, catering to the rising demand for multi-generational living. These high-end homes underscored the strength of the luxury market, pushing both average and median price points upward.

4. Mortgage Rates Impact
With average 30-year fixed mortgage rates at 3.79%, buyers benefited from favorable borrowing conditions. These rates played a key role in driving demand, especially for higher-priced homes.

Prosper, TX Real Estate and Homes For Sale - 2016 Single-Family Residential Housing Analysis

Total Homes Closed

A total of 732 single-family residences closed in 2016, reflecting strong activity in the residential market. Of these, 339 were new construction homes, demonstrating robust development efforts to meet demand. Additionally, 100 homes featured pools, catering to buyers prioritizing lifestyle amenities.

Property Pricing Insights

  • Minimum Price: $109,000
  • Maximum Price: $1,850,000
  • Average Price: $470,432
  • Median Price: $440,000

This range reflects a diverse market accommodating various income levels, from entry-level buyers to high-net-worth individuals.

Property Size and Features

  • Bedrooms (Avg/Median): 4/4
  • Bathrooms (Avg/Median): 4/4
  • Square Footage (Avg/Median): 3,506 sq. ft. / 3,562 sq. ft.
  • Lot Size (Avg/Median): 0.34 acres / 0.24 acres

The data indicates that the typical Prosper, TX home is spacious, offering four bedrooms and four bathrooms, making it ideal for mid-sized families. Larger lots and spacious interiors underscore the preference for family-oriented living spaces.

Market Dynamics

Days on Market (DOM)

  • Minimum: -164 days (due to delayed reporting)
  • Maximum: 582 days
  • Average: 69 days
    Homes moved quickly off the market in 2016, with an average DOM well under 3 months.

ClsPr/LstPr Ratio

  • Average Close Price to Listing Price (ClsPr/LstPr): 96.91%
  • Average Close Price to Original Listing Price (ClsPr/OLP): 96.69%

Price Per Square Foot

  • Minimum: $58.31
  • Maximum: $266.46
  • Average: $132.90

The high close price ratios signal that buyers were willing to pay close to the asking price, reflecting trust in market value.

Insights into the Most Expensive Prosper, TX Property Sold in 2016

The most expensive property sold in Prosper in 2016 was a stunning luxury estate priced at $1,850,000. This five-bedroom, seven-bathroom home spanned 7,904 sq. ft. on a 2-acre lot, offering an unmatched blend of space, privacy, and premium features.

Key Highlights:

  • Price: $1,850,000
  • Beds/Baths: 5 beds / 7 baths
  • Square Footage: 7,904 sq. ft.
  • Price per Sq. Ft.: $234.06
  • Lot Size: 2.13 acres
  • DOM: 63 days
  • ClsPr/LstPr: 88.10%
  • ClsPr/OLP: 84.09%
  • Year Built: 2008

This property set a benchmark for the luxury market with its energy-efficient design, multi-generational casita, and resort-style backyard featuring two covered patios, a fireplace, and a pool with a spa. Despite being the highest-priced sale, its close price ratio indicates a narrowing gap for luxury demand, suggesting opportunities for attractive high-end pricing.

The sale of this property highlighted the capability of Prosper’s real estate market to draw affluent buyers seeking unique estates. It emphasized the city’s standing as a competitive luxury market while contributing to an overall stabilization of average pricing trends for high-end homes.

Economic context

Historical Economic Data for Dallas-Fort Worth, 2016

Average Electricity Costs in Dallas-Fort Worth in 2016

Electricity prices continued to decrease, settling at $0.11 per kilowatt-hour in 2016, down from $0.12 in 2015. This steady decline further incentivized interest in larger homes, which naturally consume more power. The trend also nudged developers to prioritize energy efficiency in new housing projects.

Average Price for Regular Gasoline in Texas in 2016

Gas prices dropped further to $1.91 per gallon in 2016, down from $2.17 in 2015. This decline reduced commuter expenses, inspiring homebuyers to explore housing options further from city centers. Properties in areas with good road infrastructure likely became more desirable, as homebuyers factored in affordable fuel costs.

Average 30-Year Fixed Mortgage Rate in 2016

Mortgage rates fell slightly again, settling at 3.79% in 2016, compared to 3.99% the prior year. This favorable environment for financing encouraged many homebuyers to jump into the market. Getting pre-approved with a local mortgage loan originator ensured buyers could seize opportunities quickly and position themselves in a competitive market.

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Overview of Differences Between the 2015 and 2016 Real Estate Markets in Prosper, Texas

Sales Volume

The number of homes sold increased from 667 in 2015 to 732 in 2016, reflecting a 9.75% growth in market activity. This highlights a healthier and more dynamic market in 2016.

Pricing

  • Minimum Price saw an increase, going from $87,000 in 2015 to $109,000 in 2016.
  • Maximum Price decreased slightly, from $2,100,000 in 2015 to $1,850,000 in 2016.
  • Average Price increased by 5.64%, rising from $445,343 in 2015 to $470,432 in 2016.
  • Median Price also rose from $430,000 in 2015 to $440,000 in 2016, reflecting the steady appreciation of property values.

Property Features

Average Square Footage was slightly smaller in 2016, at 3,506 sqft, compared to 3,539 sqft in 2015.

Lot sizes were more condensed, with 2016 averaging 0.339 acres, compared to 0.478 acres in 2015.

Homes remained consistent in terms of bedrooms (average of 4) and bathrooms (average of 4).

Market Efficiency

Homes sold faster in 2016, with average Days on Market (DOM) decreasing from 84 days in 2015 to 69 days in 2016.

Sellers in 2015 achieved stronger close price performance, with ClsPr/LstPr at 97.37% versus 96.91% in 2016. Similarly, ClsPr/OLP was 97.04% in 2015, outpacing 96.69% in 2016.

Price Per Square Foot

The average price per square foot increased from $124.83 in 2015 to $132.90 in 2016, signaling a 6.47% rise in property values.

The 2016 market outperformed 2015 in terms of sales activity, faster turnover, and rising property values. While lot sizes trended smaller, demand remained robust across price points, solidifying Prosper’s appeal in the real estate landscape.

Summary of Real Estate Market Analysis for Prosper, TX in 2016

The 2016 real estate market in Prosper, Texas was vibrant and diverse, characterized by a higher volume of sales, pricing growth, and improved market efficiency. With 732 homes sold, including significant activity in both new construction and feature-rich properties, the year reinforced Prosper’s appeal for buyers and sellers. Favorable mortgage rates further supported robust market dynamics and encouraged engagement across different price ranges.

Homebuyers and First-Time Homebuyers Perspective

For homebuyers, including those entering the market for the first time, 2016 presented a variety of opportunities to find the perfect home. The wide range of property options—from budget-friendly homes to luxury estates—ensured access to desirable choices for all budgets. However, the competitive market highlighted the value of market insights and skilled guidance. First-time homebuyers, in particular, needed professional expertise to understand trends, negotiate effectively, and make informed decisions.

Home-Sellers’ Perspective

For home sellers, the trend of rising home values and faster sales offered significant advantages. Much of their success was enabled by the expertise of local realtors that played a critical role in advising sellers on pricing strategies and market positioning. Sellers who relied on professional marketing and strategic guidance were not only able to attract the right buyers but also achieve the best possible outcomes during the home selling process.

Final Thoughts

The 2016 market underscored Prosper’s sustained growth and adaptability. Buyers secured investments in a promising market, while sellers maximized their value thanks to strong demand and efficient transaction timeframes. Looking ahead, Prosper, TX is well-positioned for continued growth, offering exciting opportunities for anyone looking to buy or sell in the area.

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!

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Assistance with all your real estate needs in the Dallas-Fort Worth area is just a click or call away. Reach out at 214-940-8149 or connect through the links below.

Oleg Sedletsky REALTOR® and Mortgage Loan Originator in Prosper, TX and Dallas-Fort Worth

Oleg Sedletsky REALTOR® in Prosper, Texas. Call/Text 214.940.8149 

Greetings! I’m Oleg Sedletsky, and I’m excited to introduce myself as your go-to full-time licensed Texas REALTOR® and Mortgage Loan Originator.

I proudly represent JPAR® – Real Estate Brokerage as a REALTOR® and Utopia Mortgage LLC as a Mortgage Loan Originator! My designations and certifications reflect my dedication to helping you achieve your real estate goals in Prosper, TX and other locations in the vibrant Dallas-Fort Worth area!

My commitment to ongoing professional development means I’m always enhancing my skills to serve you better. You can count on me as your trusted expert throughout your real estate journey. Plus, I’m fluent in English, Ukrainian, and Russian and ready to assist you every step of the way!

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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

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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.