If you’re a Boerne, Texas, homeowner, this Boerne’s 78006 Zip Code Market Update is information you’re going to want to know.
Comparing Average Prices Per Square Foot
First and foremost, what’s the average price per square foot in my zip code on homes that have sold? We’re taking December of 2023 versus December of 2022. So, this past December, the average price per square foot on all homes that sold within the zip code is $227 a square foot. If we take that prior December of 2022, it’s at $251 a square foot. So, we’re down $24 a square foot in comparison to the prior year. Why is that? There’s three different things that play into that.
Key Factors Influencing the Market
Number one is interest rates. Right now, interest rates are anywhere from 7.5%, and a little bit higher than that, on a 30-year fixed. So, there’s fewer buyers in the market.
The second thing is new construction. We look at some of these communities that have new construction competition. They’re offering incentivized buy-down rates for people who are buying new-build homes. When that happens, that’s competing with pre-owned home sales, and that has an impact on values.
The other thing to consider is where are these homes closed? What communities did they close within? Because some of these communities are going to have higher averages price per square foot versus other communities, and that impacts overall when we’re looking at the total average.
Market Dynamics and Home Sales Analysis
Other things we want to take into consideration are how many homes closed in December of 2023 versus 2022? There’s 56 homes sold in December of 2023 versus 51 homes December of 2022. Number of homes for sale this past year in December is 278 homes that were on the market. In December of 2022, there were 304 homes that were on the market. Days on market is also very important. This past December, it was 91 days on average for a home to sell, and the previous year was 61 days on average for a home to sell.
If you’re interested and want to know in your community what the average price per square foot is, or if you want a CMA (comparative market analysis), to be able to figure out the value of your home, reach out anytime. We’re glad to help!
