Collin County Area Realtors (CCAR) reports October homebuyers and sellers were rewarded with treats not tricks across Collin County as the market performed much the same as the month prior.
In October, Collin County homes remained on the market for an average of 54 days, the same amout of time as September and 31.7% longer than October 2023, before going under contract for 94.9% of the original list price, 0.3% more than the month prior.
While listings stayed on the market longer than the year prior, there were also 17.7% more new listings than one year ago, an increase that continued to fuel the county’s 3.6 months of inventory in September and October— a 48.6% increase from October 2023. A market with 6 months of inventory is considered balanced.
In October, 10.2% more homebuyers visited the closing table than the year prior, however, the number of closed sales remained relatively flat compared to the month prior (1,304 vs 1,324). Negotiable sellers accepted a median sales price of $490,000, a modest 1.1% decline in sales price from one year ago.
“In October, the county had home inventory for buyers to select from and enough demand to get sellers to the closing table. There is a healthy rhythm to the current housing market allowing many home sellers and buyers to reach their goals,” said Jamuna Thill, CCAR President.
Statewide, housing inventory increased by an impressive 27.8%, creating 4.8 months of inventory. The median price for home sales in Texas increased 1.5% one year ago to $335,000. Median prices varied across major counties in Texas, with Dallas County at $365,000, Harris County at $323,000, and Travis County at $510,000.
While “predictable” is not often a good thing, it is a wonderful word for the rapidly changing Collin County real estate market. We hope all the October homebuyers and sellers are enjoying their treats.
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Affiliated with Texas REALTORS® and the National Association of REALTORS®, Collin County Area REALTORS® is the source for professional and reliable real estate information. Information contained in this release is based on Texas REALTORS® MarketViewer reports.