Let’s talk about the real estate market in 78247. If you’ve been following along, you know we’ve already covered 78232, 78249, 78250, 78257, 78258, 78259, 78260, and 78261. We’ve been loving the response to these posts, so please keep it coming, and we’ll keep doing them. Have a specific zip code we haven’t covered yet? Let us know, and we’ll work on getting it completed.
While we’re always excited to share our market report breakdowns with you, we also like to remind you that numbers aren’t everything. There are facts and information about any given home that we can’t factor in without seeing the home (this is why all of the online algorithms are only so good – they’re usually a great point to start the conversation, but should never be counted on as the be all, end all of pricing).
If you’re thinking about selling, your best bet is to talk to a real estate agent and find out what your home is worth.
The 78247 Zip Code
The 78247 zip code is about 16.41 square miles, located on the city’s northeast side. It’s another one with a funky shape that makes it harder to define, but roughly, it runs along Loop 1604 between Redland Road and Nacogdoches Road as its northern border (although it does spike northward outside the Loop a few times with two of the larger spikes jutting out to encompass the concrete facilities on that side of town). On the eastern side, it’s Nacogdoches Road up until O’Connor Road, where the boundary heads westward to Wetmore Road, where it continues to Wurzbach Parkway, its southern boundary. Then, it goes back toward Loop 1604 for the western boundary along Jones Maltsberger Road up until it hits and follows Redland Road back to Loop 1604.
It’s a lot easier to picture it if you take a look at the Google Maps outline for the zip code.
The 78247 zip code is home to popular neighborhoods such as Green Spring Valley, Longs Creek, Steubing Ranch, and Spring Creek (just to name a few). It is also home to McAllister Park, a 976 acre park in the city.
How’s The Real Estate Market 78247?
Based on the data, the Months Supply of Inventory stands at 4.57. This number is a measure of how many months it would take to sell off all of the current inventory based on historical sales data – in this case, 4.57 months. This is a fairly balanced market, with sellers having a slight advantage but not much of one.
When you look at that info with the next piece of data in mind, things are a bit different. The 12-Month Change in Months of Inventory is +101.32%, showing a very significant increase in the supply of homes available for sale compared to the previous year. This increase could potentially give buyers more options and negotiating power.
The Median Days Homes are On the Market is 35, which is a relatively short amount of time. This suggests that homes are selling quickly, indicating a strong demand in the market.
The List to Sold Price Percentage is 98.3%, indicating that homes are selling very close to their listing price. This could mean that sellers are pricing their homes competitively, or that there is strong buyer demand driving up prices.
However, as we have noted before, there have been quite a few price changes in our market, so the List to Sold Price Percentage can be a bit deceiving as it is based on the last price the home was listed at before it sold. To get a better picture, we look to the Original List to Sold Price Percentage (not shown in graph), which in the case of 78247 is 96.47%. Overall, still not a bad percentage.
With a Median Sold Price of $278,600, we could reverse the math, and with our Original List to Sold Price Percentage, we could assume that a house that sold for the median price would have originally been listed for $288,794. That’s over $10,000 less than the original list price – so be aware that you may need to cut back in order to sell.
Get More Real Estate Market 78247 Info
What Does It All Mean
Median price seems to tell us the most in the 78247 zip code as it looks like things have evened out and slowed in their appreciation. With a larger year-over-year supply, the market in this area is probably set to remain a bit stable for now, but as interest rates have dropped, it is possible that activity could pick up and return the median sales price to its march forward.
While the market has been a bit slow this year, we are still seeing sales, and investors have been hunting for great deals to flip and hold on to so they can rent them out. While no one can claim they have the crystal ball, we do expect home prices to continue to grow as long as the economy begins to show more positive signs. Unfortunately, prices are outpacing wages in many areas, and this is creating a shortage of affordable housing.
Homes for Sale in 78247
If you want to take a look at some homes for sale in 78247, you’re in the right place. Our list is updated regularly, so please bookmark this page and come back often to see what new homes have been listed for sale. If you see something you’d like to set up a showing on, just let us know and we’d be happy to get things going.
You can also click the “Schedule Showing” button on any property’s detail page and with a bit of information, we’ll set it up and go show you the home.
