Home sales trending up

After a slow start to the year, Wise County’s real estate market began bouncing back in March.

The month ended with 108 homes sold, the most in a month since July when there were 110 closings recorded in the county. 

The big month was a 16.1 percent increase from the 93 homes sold in March 2022. It also helped the market rebound in the first quarter. For the first three months, 226 homes sold, representing a small increase of 3.7 percent from the 218 in the first quarter of 2022.

It was the best quarter for the county since the third quarter of 2022, when 286 homes sold.

The median price for the 108 homes sold in March was $342,000, which was down year over year.

“The Wise County median price decreased. We are seeing this in most areas as the market returns to a more balanced market, at least for a while,” said Beth Caudill, President of the Greater Denton/Wise County Association of Realtors.

Homes between $300,000 and $399,999 made up 30.5 percent of the market. Homes between $200,000 and $299,999 were 26.7 percent of closings in March.

The number of homes on the market continue to rise. In March there were 439 listings, an increase of 305 from the same month in 2022.

The months of inventory rose to 4.9 months. It was just 1.5 last March. The figure represents how long it would take to deplete inventory, assuming no new inventory is put on the market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes are staying on the market 39 days and taking 43 days to close.

Interest rates

The Federal Reserve in late March issued another increase of 25 basis points in the target rate for federal funds. The new target rate is 4.75 to 5 percent. It was the ninth rate increase in the past year as the Federal Reserve continues to combat inflation, which still hovers above 5 percent.

Home mortgage rates peaked in November, with the 30-year fixed rate average hitting 7.08 percent. It was down to 6.28 percent at the start of April, but has started to creep back up, ending last week at 6.39 percent.

“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said a weekly release from Freddie Mac. “Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.”

Building continues

Construction crews remain busy at several housing projects throughout Wise County, with homes continuing to move.

D.R. Horton continues with home sales in the Bluestem development off Farm Road 3433 near Rhome and Springhill South on Cemetery Road in Boyd. 

Home construction continues at PMB Capital’s Reunion off Farm Road 3433. No new phases have been announced at Reunion or Bluestem across the street.

Riverside Homebuilders remains busy at Fairview Meadows over Pioneer Road near New Fairview. New roads are paved and homes are being sold in the 126-lot phase three. Construction is underway in phase four of the 700-home development. 

Bison Creek Homes will soon have lots available for purchase at Hidden Timbers, five minutes north of Decatur.

“We are currently taking lot reservations,” said Jonathan Bethune of Bison Creek Homes. “We have beautiful 2- to 3-acre lots both fully wooded and partially wooded in a very private setting.”

The builder has only a few 2- to 4-acre lots left in the dynamic community of the Estates of Bison Creek off of U.S. 380 east of Decatur.

Bison Creek’s Phase 2 of Paradise Crossing 15 minutes southwest of Decatur will have lots available soon.

“We have beautiful 1- to 3-acre lots with choice of wooded, non-wooded and pond lots. It is a peaceful community in the picturesque countryside,” Bethune said.