Home sale prices up 7.6 percent

By Gregg Wendorf
Advance News Journal

The good news is, if you sold a home in recent years, you probably noticed that the sales price was decent. Maybe more than you thought you’d get for the place.

If you were a buyer, you’re not so happy, although two or three years ago, you would have been even more unhappy — bidding wars for most upscale homes, although that was offset by the lower mortgage rates back then.

If you’re someone who intends to hold on to your house for another decade or two, the valuation increases long term are good, but for the short terms, these increased appraisals tied to property taxes are painful events, unless you have an over-65 exemption, one of the few benefits of growing older.

According to Redfin, a real estate company (redfin.com) that follows trends, in October 2023, Hidalgo County home prices were up 7.6 percent compared to last year, selling for a median price of $242,000.

The downside is, it’s taking 20 days longer to sell a home in Hidalgo County this year compared to last: 56 days to 36.

The market is stable, though: 341 homes sold in October 2023 vs. 331 the year prior. That’s better than it was in August of 2023, when home sales were off 80 percent. (Source: data.indystar.com.)

Just two years ago, homes here, in this county, had a median selling price of approximately $180K compared to the average median sales price today of $242,000. Not a bad return on investment for those who bought homes in 2021 looking to resell them in three or four years. An approximate 34-percent return on their investment in that short a period of time.

Question is, will those homes now listed for $242,000 be listed a third higher two years from now? Another missed opportunity, who knows.

In October 2023, according to Realtor.com, the median home price per square foot in Hidalgo County was $151, which is better than in most towns and cities north of here if they have any life to them.

Also according to Realtor.com, homes in Hidalgo County sold for 1.67 percent below the asking price on average.

Meaning, of all the vibrant places in the U.S., with a multitude of places to go, things to see, the local real estate market here still offers some of the best home prices, average per square foot, in the entire U.S.

In fact, it’s fun. Go to Zillow.com or Realtor.com and type in any city. Look at what the homes are going for in, Boerne, Texas, for example, and the average middle-class homebuyer, you will discover, has been priced out of the market.

Progress.