As people prepare for a new housing season to begin in the early spring, buyers and sellers alike wonder what this year’s market will bring. While it’s true that inventory continues to be an issue across the country, the housing market itself isn’t expected to crash. In fact, it’s likely to mirror exactly how events unfolded in 2022.
If you’re one of the many people gearing up for Colleyville real estate, this guide is for you. Read on to know what to expect in the coming year before the season kicks off in the spring.
Real estate movements to expect this year
Experts predict that the 2023 real estate market will be a
mirror image of 2022. This means there is a strong likelihood of the market experiencing similar movements and trends to the year prior. In 2022, prices skyrocketed during the latter half of the housing season, but the market then began to cool off and stagnate as buyers stepped away. Although inventory has grown limited, forcing buyers to place competitive bids, there’s always a limit to how much people are willing to pay for a home.
The same is expected to take place this year, albeit with a slight price adjustment. In an effort to renew buyer interest, sellers will set moderate prices on their homes at the start of the season. As the season progresses, these prices will slowly rise as more and more buyers outbid one another. The market will then see another time period of soaring home prices that will inevitably reach a standstill and cool down again. This series of trends is an exact mirror of what happened in 2022.
Home prices won’t collapse
For home prices, this means that prices aren’t due to collapse. The main reason for this is that there isn’t enough inventory to keep up with demand. Last year’s population of unsuccessful first-time buyers will try again this year over the spring and summer. Supply is still low, meaning they’ll have to put down an attractive offer for a seller to choose them over someone else. On the other hand, this type of market will benefit sellers.
With the low home prices of the pre-pandemic age behind us, it’s not likely the market will see such values again. Right now, the best bet for any buyer is to wait for the season to begin and hope that their offer is enough to satisfy the seller. That, or continue the demand for more homes to be built.
A market snapshot
As of January 2023, there are only 82 homes for sale in Colleyville, TX. These
properties are expected to sell within the year, especially with such a limited supply in a highly desirable location. Let’s take a look at how the market currently fares by assessing how much these available properties typically sell for.
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Of the 82 properties listed for sale, only 58 of them are single-family residential units. These properties range from luxury villas to multi-bedroom mansions with stunning artisan craftsmanship and are valued at anywhere between $459,900 to over $1 million. The price depends on the size, number of bedrooms and bathrooms, and the exact location.
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There are currently only two available listings for townhomes. The lowest price is $545,000, while the other is $829,900 for a luxury townhome with a beautiful facade.
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Condos are also in limited supply, with only three currently listed. These units range between $269,900 to $345,00 for at least two bedrooms and three bathrooms.
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Lastly, there are 19 plots of land available for sale. These plots are available for home development or as an expansion to property you already own. Depending on the acreage and location, these plots are valued anywhere between $345,000 to $4,500,000.
Life in Colleyville
Regardless of the low inventory, people are still flocking to Colleyville, which will lead to increasing listing prices in the coming months. Colleyville’s appeal is due to a number of factors. While having a higher cost of living than the national average, it is well worth the investment. Residents appreciate the beautiful neighborhoods, safety, and exclusivity that accompany owning a home in Colleyville. That’s another element contributing to Colleyville’s relatively stable market. Despite outside real estate trends, idyllic areas like Colleyville boast peak luxury and a sense of investment security as the luxury market isn’t as impacted by the same things that can jostle the regular market. This is a large draw for residents, and while the cost of living might be higher, the quality of living is higher, as well.
The final verdict
In conclusion, the Colleyville real estate market is expected to gain more momentum as the year goes on, and it’s predicted to be another profitable year similar to 2022. As the season starts off slow and steady, prices will gradually rise over the second half of the year before cooling down again in the winter. Whether you’re buying, selling, or investing, you should start developing a plan before the housing season begins.
To learn more about Colleyville real estate and how to prepare, reach out to the local experts at the
Robert Tyson Group. The Robert Tyson Group is a duo of real estate experts with numerous accolades dedicated to providing exceptional customer service and expertise. Connect with them today to get started on your real estate venture!
*Header photo courtesy of Robert Tyson Group
