Westside Market Report 2023

NTREIS* MLS Systems
Westside Possum Kingdom Lake
2022 and 2023 Comparison

The analysis of 2022 and 2023 real estate data for Single Family Homes and Unimproved Land on the Westside uncovers significant insights into market trends, highlighting a robust demand for residential properties and a growing interest in land investments. This focused examination reveals the resilience of the real estate market, with Single Family Homes showing remarkable appreciation in value. These findings not only reflect current market dynamics but also suggest evolving preferences among investors and homebuyers, pointing towards strategic opportunities in the evolving landscape of real estate.

Single Family Homes:

• 2022:
  • Average Price per Square Foot: $480.54
  • Average Sales Price: $1,261,294
  • Median Sales Price: $1,325,000
  • Highest Sale List Price: $2,999,900
  • Homes Sold: 17
  • Average Square Feet: 2,505
• 2023:
  • Average Price per Square Foot: $533.53
  • Average Sales Price: $1,478,929
  • Median Sales Price: $1,175,000
  • Highest Sale List Price: $3,990,000
  • Homes Sold: 14
  • Average Square Feet: 2,649

LINK TO AVAILABLE WESTSIDE PROPERTIES

The Single Family Homes market has shown an impressive rise in value and demand from 2022 to 2023. There’s a noticeable increase in sales prices and price per square foot, indicating strong interest in high-quality homes. The leap in the highest sale price in 2023 highlights the market’s ability to support luxury real estate transactions. With homes getting larger on average, it suggests buyers are prioritizing more spacious and comfortable living environments. For many years we have seen The Westside maintain an even keel status with smaller family lake homes and fishing cabins. That may not be the case for much longer. More and more luxury level new builds are coming on the market with dramatic views and deep-water docks, it is giving buyers more to think about when comparing to other areas of the lake.

Unimproved Land

There were only 4 waterfront lots on the west end that sold publicly in 2022 and 2023. That is not sufficient enough data to make any conclusions. That being said, the average for those 4 properties is around $836,250 for an average of 1.3 acres of waterfront land which is only second to The Ranch community in average size building site comparison.

Simplified Analysis:

For Homes: The market for Single Family Homes is booming. Prices are up, and so is the size of the homes people are buying. In 2023, the most expensive home on the Westside that sold was listed at $3,990,000 when it sold. Nearly 1 million more than the previous year, showing that buyers are looking for luxury and space.

For Land: Even though there is not a lot of data to numerically compare, land lots sold in 2023 with competitive rates to other areas of PK. This shows that people see a lot of value in owning land, whether it’s for building homes, investment, or other uses, the Westside is no exception. The jump in land prices points to a strong interest in securing valuable plots.

This analysis highlights the real estate market’s resilience and adaptability, showcasing a sustained demand for quality homes and the strategic value of land. Both segments present attractive opportunities, reflecting broader trends towards luxury living and the strategic acquisition of land as a cornerstone of investment portfolios.

Who represents the Westside?

Of all the active listings on the Westside, Possum Kingdom Real Estate maintains its majority of available properties. Maggie Burgess stands out with over 30% of the listings currently on the market. She is also credited with recently closing the The Breakers Marina, one of the few marinas that have sold publicly at PK. Other PKRE agents with active listings include Jonathan Fowler (*Now under contract) and John Morris. 

 

Written by Matthew Renfro

All photos were taken by Matthew Renfro

*Data gathered exclusively from North Texas Real Estate Information Services (NTREIS) MLS System as of 2/2/2024