Home prices increase by $20K

By Richard Greene | Published Saturday, August 25, 2018

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The average home price in Wise County jumped $20,000 in the past month.

The average price for the 98 homes sold in July was $255,000. In the previous month, the 87 homes sold averaged $235,000.

“With a growing economy, booming population and high quality of life, Wise County is a great place to live, work and do business. As such, the demand for Wise County real estate remains strong and enduring,” said Daphne Zollinger, president of the Greater Denton/Wise County Association of Realtors.

The July 2018 price was a 37.8 percent increase from the $188,500 average price for the same month in 2017.

Of the homes sold last month, 32.3 percent were between $100,000 and $199,999. Another 28 percent were between $200,000 and $299,999. Homes between $300,000 and $399,999 represented 20.4 percent of the market.

The number of homes on the market increased slightly from 283 in June to 289 in July. The months of inventory continued to increase, hitting 3.8 months. It was the fifth straight month for the inventory to increase after dropping to 2.8 months in March. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

Homes are averaging 43 days on the market and are taking 38 days to close.

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