Prosper Real Estate on the Rise

Prosper | Mortgage By Jim | Jim Catalano

June 2014 Real Estate Stats for Prosper¹

  • 49 – single-family homes sold, compared to 65 in June of 2013 and 34 in June 2012.
  • $377,000 – Median price for single-family homes, five percent more than June 2013.
  • $460,653 – Average list price for single-family homes, a 15 percent increase since June 2013.
  • 47 – Average number of days single-family homes spent on the market, 23 days fewer than June 2013.
  • 201 – Homes for sale on the market, 36.7 percent higher than June 2013.
  • 82 – New listings on the market, 16 higher fewer than June 2013.
  • 2,805 – Pending sales for single-family homes, six percent fewer than April 2013.
  • 5.1 – Months of inventory of single-family homes, a 37 percent increase over June 2013.
  • $117 – Average price per square foot, compared to $103 in June 2013.
  • $134 – Average price per square foot for new construction, compared to $106 in June 2013 and $96 in June 2012.
  • 14 – New construction single-family sales in June 2014, compared to 19 in June 2013.
  • 41 – Pending sales compared to 45 in June 2013.

Prosper: The Next North Texas Boom Town?

Prosper is situated along the ever growing and fast U.S. 380 corridor, the Dallas North Tollway and the famous Golden Corridor along Preston Road. It truly embodies the old truism, location, location, location.

This old farm town’s population doubled and then quadrupled, and now seems normal to see increases in growth every month. Over the next 20 years or so, Prosper could be home to well over 100,000 people! Building permits continue to rise, there is a good supply of land for growth (land owned by Blue Star Land which is owned by Jerry Jones and his family), and homes that come on the market don’t stay long.

There are challenges for Prosper, money is an issue, balancing wants against the tax rate the town imposes on residents and the challenges due to rapid growth. However, all signs point to Prosper being the next North Texas boom town!

Resources

¹ NTREIS, North Texas Real Estate Information Systems, Inc.

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