Median home prices are up 8.6% compared to 2019 Q3
Number of closed sales also went up 18.4%
We had 32.4% less active listings on the market
The Dallas-Fort Worth Metroplex also followed the same trends with:
9.1% increase in median home price
18.6% higher number closed sales
37% less active listings
Only 1.9 months of inventory
According to Freddie Mac's Primary Mortgage Market Survey from 10/29/20, the 30-year fixed rate mortgage averaged 2.81% last week! The record low mortgage rates are helping support strong buying demand and as well as increased refinance activity. National Association of REALTORS® research economist, Nadia Evangelou surmises that “With mortgage rates to remain near 3% for the next couple of years, many... young adults will be able to purchase a home. That being said, homebuying activity is expected to continue to stay strong for several more years." (NAR Instant Reaction: Mortgage Rates, October 15, 2020)
Next, we’ll take a look at the market statistics of the Castle Hills subdivision:
In the 3rd quarter, Castle Hills subdivision sold for a median price of $151.80 per sq ft and $504,000 – a 6.1% increase year over year!
There were 74 closed sales, a 25.4% increase from last year
Meanwhile we had 45% less available listings on the market.
This resulted in low inventory with only 1.8 months of inventory, indicative of the strong seller’s market we experienced from July-September.
Average days on market were 33 days – 21 days less than in 2019!
Overall, we saw more homes sell faster and for a higher price than we did last year. We expect this trend to continue through the end of the year!
If you would like to know more about what’s happening your section of Castle Hills, give us a call at 214-449-1022! We’d love to hear from you!
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