CoreLogic recently released their latest Home Price Insights Report. We learned that nationwide home values increased by 8.2% in 2020. In Possum Kingdom, home values rose 30.2% to an average sale price of $557,241. Overall, North Texas saw an average sale price increase by 7.8%.
The increase in home values was brought about as the inventory of homes for sales reached historic lows while record-low mortgage rates lifted buyer demand.
Possum Kingdom Home Values in 2021
As more consumers make the decision to leave the city and move to the suburbs for more space, we are expected to see home values continue to rise due to the overwhelming buyer demand. However, with Possum Kingdom being a little farther out from the city, we should be able to maintain a 4–5-month supply of homes. In 2020, the average Days on Market for houses for sale in Possum Kingdom was 145, a slight increase from 2019 compared to all of North Texas, which saw an average of 47 days on the market, a 7.8% decrease from 2019.
Work with the Best Possum Kingdom Realtor
Low mortgage rates have continued to drive buyer demand over the past twelve months. At the beginning of 2020, rates stood at 3.72%, according to Freddie Mac. This year, rates are starting a full percentage point lower. As rates stay low, the buyer demand will continue to rise.
When it comes to buying and selling a home in Possum Kingdom, it’s important to work with one of the best Possum Kingdom Realtors. That’s exactly what you’ll get when you partner with Sabrina Sparkman. Since 2015, Sabrina has been leading the way as a top producing agent at the lake!
Of the 159 transactions that closed in Possum Kingdom in 2020, Sabrina represented either the buyer or the seller on 61 transactions, giving her 38.4% of the market share. This is the highest market share held by one agent.
If you’re ready to learn more about living at Possum Kingdom Lake, click here to contact Sabrina.