To sum up the Texas Hill Country's real estate market for the first half of 2021, one word comes to mind— UNEXPECTED.
The Kerrville area housing market is more competitive than we've ever seen. And it continues its historical growth, with interesting and remarkable facts about the past quarter.
Median home-sale price increased 21.4% year-over-year to $340,000, a record.
Active listings dropped 49.8% from the same period in 2020 to a new all-time low, a record.
And homes that went under contract had an accepted offer within the first 55 days of being on the market, 27 days less from the same period in 2020, a record.
However, a couple of indicators are causing us to ask whether we're nearing a peak in how fast demand and prices can grow. First, as demand eases and sellers adjust their price expectations, the housing market slowly aligns with typical seasonal patterns. And the drop in mortgage applications tells us that some buyers are dropping out due to the lack of affordable homes for sale. If these trends continue we can feel more assured that we are not in the midst of a housing bubble.
For more information about the current real estate market, contact Fore Premier Properties – Your Premier Properties Broker of the Texas Hill Country at 830.257.4000 or visit us online at www.forepremierproperties.com.