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How Hot is the Housing Market in West Tawakoni in 2021? Take a look at West Tawakoni Housing Market Trends compared to the Texas Market
If you’re looking to buy a home in Texas, now’s the time. New builds are slowing because of the lumber crises and house prices are stabilizing. With people looking for more affordable housing outside of the city, West Tawakoni is ideal! Let’s take a look at the housing market.
West Tawakoni Housing Market Trends
According to some reports, the average home in West Tawakoni sells for about 4% below list price and goes pending in around 41 days. However, they can sell for about 1% above list price and go pending in around 12 days. Compared to neighboring cities, West Tawakoni has a less competitive market, but many of the homes here get multiple offers.
The average home price in the area is around $160K. That’s about $130/sq. ft. The average home in the state of Texas is going for $241K. Texas home values have gone up 12.4% over the past year.
West Tawakoni is ideal for your new home. Our likelihood for heat, drought, and fire is lower than the state average. This means your home insurance would likely be lower.
There is limited availability of new homes in the area. The Cloisters of West Tawakoni is changing that. Despite supply demands, we are still able to build and are in the process of constructing phase II of our concept. Our townhome prices are comparable to prices in North Texas. With new units being built, we welcome you to come take a tour and see if our hometown is ideal for your new life.
The Texas Market
According to TAMU – Real Estate Research Center, single-family construction permits increased 4.4 percent in April, extending a year-long upward trend despite falling with residential loan values during the first quarter. Residential construction loan values decreased during the first three months of the year, but housing starts and building permits picked up in April, pointing to stable construction during the summer.
After a sluggish start to the year, total Texas housing starts recovered above year-end levels, increasing 4.1 percent on a per capita basis. As single-family starts in the southern region of the U.S. decreased for the third consecutive month, Texas’ single-family private construction values plummeted 24.6 percent in real terms during April.
The Texas median home price rose for the fourth consecutive month, accelerating 17.3 percent YOY to a record-breaking $289,700 in April.
Urban Buyers Move to Rural Texas
Spooked by pandemic fears and urban unrest, herds of Texas city-dwelling buyers descended on rural locations in latter 2020, according to TAMU – Real Estate Research Center. More than 550,000 acres had been purchased for a record $1.69 billion.
“Fourth quarter 2020 produced a remarkable increase in rural property transactions across most of Texas,” said Dr. Charles Gilliland, research economist for the Texas Real Estate Research Center at Texas A&M University. “Statewide, the 7,684 sales were up 28.9 percent from last year.”
The increased demand sent statewide land prices up 3.1 percent to $3,064 per acre. The typical sale was 1,139 acres.
Because of the more affordable housing prices, people will continue to move to rural areas like West Tawakoni.
