If you’re a homeowner in the 78015 Zip Code, this Fair Oaks Ranch 78015 Zip Code Market Update is information you’re going to want to know.
First and foremost is what’s the average price per square foot within my zip code? If we take December 2023, and we look at all the homes that have sold within that zip code, the average price per square foot this past year was at $226 a square foot. We take that and compare it to December 2022 when it was at $197 a square foot. We’re up $29 a square foot versus the prior year.
What are the things that impact price per square foot and values within our community? First and foremost right now is interest rates and inventory. If interest rates are high right now, they’re 7.5% or higher, then typically inventory ticks up, right? There’s more homes available, because there’s fewer buyers in the market. The next thing we want to look at is new construction or any new home sales. In the new construction market, a lot of these new builds are offering lower incentivized interest rates, which are competing with the pre-owned home sales, thus impacting values. The other thing we look at is what community within the zip code did some of these homes sell? Some of those communities are going to perform way higher per square foot than other communities within the zip code.
The other things we want to look at is the number of homes that sold. There was 26 homes that closed in December 2023 versus 25 in 2022. The days on the market is also a big deal. Right now we look at December 2023, it was 67 days on average. We look at December 2022, and it was 75 days on average. And last, but not least, is number of homes for sale, or the inventory overall. Last year, December 2023, there were 125 homes on the market, and then we look at December 2022, there were 86 homes on the market. All of these factors play into effect.
If you’re interested and want to find out more hyperlocal details to your local community, what the average price per square foot is, or if you’d like a CMA (comparative market analysis) on your home to know what the current value of your home is, reach out anytime and we’re glad to help.
