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.

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.

Economic context

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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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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