Land and residential properties rise as Erath County becomes attractive destination.
By KATIE BURR and SHAWN STONE
Publishing note: The following information was submitted by local real estate agents Katie Burr and Shawn Stone. Together, they will write a monthly real estate update that will be published exclusively on Beneath the Surface News.
The Erath County real estate market continues to be a heavy seller’s market.
There are a variety of contributing factors to this, but no more than the state of our current inventory.
January 2021 saw a 26% decrease in total active listings for single-family residential properties from January 2020, as the number of buyers coming into the county continues to rise.
We have buyers wanting to get out of the cities and into a quieter, more rural area, as well as coming from out of state.
Tarleton State University is also a big draw and some parents are electing to buy a home for their kids to live in as opposed to renting for four years.
The prices also continue to rise as buyers are more competitive.
January 2021 saw a 15% rise in average sales price compared to the same time last year.
Land prices continue to rise across the county as well.
Data from the MLS showed an approximate 7% rise in average sales prices in 2020 from 2019.
Smaller acreage is becoming harder to find and harder to acquirer as the price-per-acre increases substantially compared to medium and larger sized properties.
Larger properties are being purchased by developers who are dividing up the land to turn a profit and make subdivisions.
Erath County is appealing because even though our land prices have gone up a good amount, the prices are still affordable compared to other parts of the state.
That, along with the proximity to Fort Worth and continued commercial growth make Erath County an attractive destination for buyers.
(Disclaimer: Data is approximate averages only, percentages can vary. Land prices are for raw land only. Does not include HOA’s. Information used from the North Texas Real Estate Information System website and texasrealestate.com.)