This past year we saw a lot of increases in many different areas when it came to residential real estate. Collin County was not immune to these increases in 2021 and going into 2022. What are the big takeaways from this past year and what can we expect in 2022? First, lets dig into the numbers of this past year in Collin County for residential real estate. 

The medium sales price is something we use to see how prices are moving. Some like to quote averages but when you do that, the higher priced homes that sell are pulling up the numbers and inflates the overall results. Using "median" allows us to look at the middle of all prices of homes that were sold and gives us a better understanding of how much prices are moving in one direction or the other. This past year the median home price in Collin County was $430,000 which was up 22.9% year over year. The numbers we are presenting are for "existing homes" and not new construction. Closed sales was up 5.0% over 2020 with 15,655 homes selling in 2021. As you can see, we had a very active year in real estate. The driving reason behind the escalation in home prices was the following statistics. Active Listings w eredown 49.1% year over year and the county ended the year with only .4 months of inventory. This caused multiple offer situations on almost all properties that were listed for sale. 

Last year a home sat on the market for approximately 17 days which was 21 days less than in 2020. It took about 30 days to close and that was about 2 days less than the previous year. This gives us a total of 47 days for a home that comes on the market and then closes. This number is 23 days less than in 2020. As you can tell, everything was moving at a rapid pace compared to the previous year. Some other interesting facts is that the median price per square foot in Collin County on existing homes rose to $179.58 which was up 25.1% year over year. The median home size was 2,468 sq ft. and the median year built was 2002. People who put their homes on market received 103.8% of their original list price at closing. You could say we saw a lot of happy sellers!

2022 has started off with the same issues we had in 2021 and that is low inventory of homes for sale. However, the builders have been putting homes up like mad in many areas and are sold even before they get started. In DFW, 22% of all homes sold were of new construction types. The building continues at a rapid pace and that will eventually impact inventory at some point. We also believe that people will continue to take advantage of the favorable interest rates to purchase homes. Sellers should understand that there is a demand for homes right now and if they are thinking of selling this might be the right time to get their homes on the market. All in all 2022 is going to be another great year for real estate. 

Posted by Roxanne DeBerry on


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