Different Types of Homes Sold
In order to understand what’s happening in Van Alstyne Real Estate, you need to know the unique categories of homes that we have in Van Alstyne. We have historic homes, farms & ranches, 1+ acre neighborhoods, planned communities, and new construction. We have homes that are within the city limits and homes outside the city limits with a Van Alstyne address.
I’ve gone through and looked at the data from 2013 to 2023. The only way to get a true understanding of what’s going on is to look at the data in 4 different categories:
- Standard/Resale Homes Under 1 Acre
- New Construction Homes Under 1 Acre
- Standard/Resale Homes Over 1 Acre
- New Construction Homes Over 1 Acre
By separating out the data, you can get useful data to understand Van Alstyne Real Estate. If I lumped them all together it just wouldn’t be accurate. Home values are different for homes that are under 1 acre vs homes that are over 1 acre. New construction homes have different values than homes that are a standard/resale home.
New construction is prevalent in Van Alstyne and based upon the Planning & Zoning Commission, we will be having new construction homes for sale for many, many years.
Homes w/Lot Sizes Under 1 Acre
2023 was an interesting year in Van Alstyne Real Estate. Rising Interest rates plagued 2023 home sales. Buyers were focused on price, condition and location when deciding what home to purchase. Buyers had the upper hand in 2023 because there were many homes to choose from, especially in Van Alstyne.
New construction home sales dominated in 2023 with 160 homes sold (in the MLS) under 1 Acre. 13 homes less than the record-breaking year in 2022 with 173 homes sold. Standard/Resale home sales had 94 homes sold in 2023 which was 15 less than the record-breaking year in 2022 with 109 homes sold.
2021 had the fastest days on the market with a record-breaking average of 15 days for standard/resale homes. 2022 had the 2nd fastest days on market with an average of 26 days for standard/resale homes. The market started slowing down in 2022 as interest rates rose and it certainly affected the days on the market in 2023 with an average of 42 days on the market. The longer days on the market certainly surprised some home sellers who used real estate agents who were not local to Van Alstyne. Gone are the days of 2021 when homes sold within the first week or two. We are back to a more normal market, although we are still taking longer than homes that sold in 2020, 2019, 2018, 2017 & 2016.
So how did 2023 compare to 2022 home sales for Standard/Resale Homes Under 1 Acre? The 1st graph above shows the comparison of month by month sales for 2023 and 2022. The last column is where we ended 2023 at $344,119 for Average Sales Price for all Standard/Resale Homes under 1 Acre lot size. This was a 2.26% decrease from 2022 Average Sold Price of $352,069.
The 2nd graph above shows the New Construction Homes Under 1 Acre sales month by month for 2023 and 2022. The average sold price in 2023 was $416,751 and the average sold price was $487,254 in 2022. That was a 14.47% decrease from 2022 to 2023.
However, the good news is that when you look at the Average Sold Price for 2021 at $310,292, the average sold price for 2023 is up 10.90% in value from 2 years ago for Standard/Resale Homes Under 1 Acre. New Construction Homes are up 5.29% in value from the 2021 average sold prices. The graph above shows you a 5-year analysis on what’s been happening in Van Alstyne Real Estate.
If you purchased your home in 2013, the Average Sold Price with lots less than 1 Acre was $123,041 for Standard/Resale homes. Compare that to the Average Sold Price in 2023 of $344,119. That’s an astonishing increase of 179.69% in value!
New Construction Homes Under 1 Acre also went in up value! If you purchased a New Construction Home in 2013 it would have cost you an Average of $158,164. And if you purchased a New Construction Home in 2023, it would have cost you $416,751. New Construction Homes under 1 Acre have increased in value an average of 163.49%. Although quite a bit of the value is coming from the higher priced neighborhoods being built in Mantua and Thompson Farms.
Homes Sold Over 1 Acre
While there are less homes sold in Van Alstyne with over 1 Acre lots, there are plenty of amazing homes in Van Alstyne to suit your needs. You can find neighborhoods where all the lots are right around 1 Acre. But if your dream is to have a 3/5/10 or more Acres with a home, you can find that too. Van Alstyne has a good mix of properties with lot sizes over 1 Acre to purchase.
There were only 49 standard/resale homes sold in 2023 in Van Alstyne with 1+ Acres compared to 2022 with 67 homes sold. That’s about 26.87% decrease in # of homes sold. While new construction saw an increase of homes sold over 1+ Acre in 2023 (27) vs 2022 (24).
The graph below shows the comparison of home values between 2023 and 2022. New Construction (1+ Acre) sold in 2023 exceeded the Avg. Sold Price from 2022 with a 17.72% increase. 2022 had an Average Sold Price of $627,161 and 2023 had an astonishing Avg. Sold Price of $738,310.
The Good News is that 2023 Standard/Resale Homes Sold Over An Acre, also exceeded 2022 Avg. Sales Price by 4.91%. We saw 2023 end with an amazing Average Sales Price of $712,998. 2022 had an Average Sales Price of $679,628.
When you look at the 5-Year Analysis of Standard/Resale Homes Sold with Over 1 Acre, you’ll find a steady increase in value (except for a tiny dip in 2019). In fact, when you look at how the values have risen between 2013 and 2023, you’ll find an astonishing increase of 150% in value if you purchased your home in 2013!
When you look at the 5-Year Analysis for New Construction Homes Sold with Over 1 Acre, you’ll also find a year over year increase. What’s interesting is that there were no homes (zero) sold in 2017, 2016 and 2013 for New Construction Homes with Over 1 Acre. So to see an increase in value, I’m going to look at homes sold between 2018 and 2023. You’ll find a 95.67% increase in value if you purchase your home in 2018. That’s pretty amazing growth!
If you are selling a home that has Over 1 Acre, you’ll certainly need to be a bit patient, as it takes longer to sell a home with 1+ Acre than it does to sell a home with a lot size Under 1 Acre. But being able to find a property to suit your needs is what makes Van Alstyne a wonderful place to live. We have housing for all types of folks from apartment complexes, small lot homes, new construction homes, historic homes, and homes on land.
I went through lots of spreadsheet to gather this information to show you accurate and factual information on Van Alstyne Real Estate. When you are thinking about selling your home or buying a home, it’s important to work with someone local who knows what’s truly happening in Van Alstyne! Please give me a call or text at (903) 627-5000 to discuss with you what’s happening in 2024 and help you buy or sell a home in Van Alstyne! There’s really “no place like home”!
