Burleson real estate market is strong
The average priced home is becoming tougher for homebuyers to find in Burleson, according to a report this week from the MetroTex Association of Realtors.
“Inventory of mid-priced homes is extremely low,” said Russell Berry, president of the MetroTex Association of Realtors. “We’re looking at mere weeks of inventory, rather than a few months’ worth that would be available in a more balanced market. This situation is great for sellers because there is a lot of demand, but buyers will probably have to be a little patient to get into a home.”
The report details that 89 single-family homes were sold in Burleson in May, a 3.5 percent increase from the prior year. The average price per square foot for a home is $93, an 11.6 percent increase. The average home sale price in Burleson in May was $188,949, a 4.9 percent increase from the prior year.
In Burleson, there are 117 homes under contract, and homes are selling in an average of 19 days. Homes are selling at 99.7 percent of their listing price on average, the report reads. Inventory stands at about 45 days supply, with 90 days considered to be a strong seller's market.
“Properties are coming to market at a brisk pace,” Berry said. “They are leaving the market just as quickly with the number of days on the market down 12 percent over last year.”
Home prices are continuing to rise and sales dollar volume is also rising, the report reads.
The largest housing segment in North Texas is for homes priced between $100,000 and $300,000. More availability exists in higher priced homes, with nearly four months of inventory for homes priced above $300,000.