Nevada TX County Road 591 - Residential Development Opportunity

The 12-month change in months of inventory has seen a significant increase of 149.47%. This
change indicates the shift in the supply and demand dynamics over the past year. Such a
substantial increase suggests that there has been an influx of new listings, potentially leading to a
more favorable environment for buyers. Sellers, on the other hand, may face increased
competition as the market adjusts to this shift.
The median days homes are on the market, which currently stands at 42. This metric measures the
average number of days it takes for a home to sell once it is listed. A lower number suggests a
faster moving market with high demand, while a higher number indicates a slower market. With
homes spending an average of 42 days on the market, we can say that the market is relatively
active, offering a reasonable pace for both buyers and sellers.
The list to sold price percentage is at an impressive 99.5%. This metric reveals the percentage of
the listing price that sellers are ultimately able to achieve when selling their homes. A higher
percentage indicates that sellers are able to negotiate close to their desired price, which is
undoubtedly good news for sellers. However, buyers may need to be prepared to make
competitive offers to secure a property in such a market.
The median sold price, which currently stands at $498,500. This metric represents the middle
point of all the sold prices in a given area. It provides a snapshot of the overall price range in the
market. With a median sold price of $498,500, we can say that the market is in a healthy state,
offering a variety of price points to cater to different budgets.
The market trend for Nevada, Texas is considered to be transitioning from a seller’s market to a
balanced market due to the increase in mortgage rates since the first quarter of 2022 and the war
in Ukraine adding upward pressure on inflation. Although, the Fed doesn't set up mortgage rates,
Fed's actions have a ripple effect. A higher rate for banks tends to make borrowing more
expensive for consumers affecting eventually long-term interest rates (such as 10-year Treasury
bond). While mortgage rates typically follow the trend of the 10-year Treasury yield, the rate on
the conventional 30-year mortgage also tends to rise.