Real Estate Market Report for Waco, TX – May 2024

Waco, TX real estate shows price per sq. ft. trending up despite minor fluctuation in sale prices.

authorWritten by Manuel MartinezJun 4, 2024

Overview of Waco, TX Real Estate Market Trends

In examining the Waco, TX real estate sector, a few pertinent trends emerge from our latest real estate trend data. On a broad level, there is evidence of some volatility in property values, but a steady increase in price per square foot suggests growing buyer interest in terms of area valuation.

Specifically, the average value of properties in Waco showed fluctuations over recent months, with a noted peak in March 2024 at $264,900. This figure slightly declined to $255,000 in April 2024 but then saw a marginal recovery to $260,000 in May 2024.

Simultaneously, the price per square foot has witnessed a more consistent ascent. It increased $5: from $162 in February 2024 to $167 by May 2024, highlighting a steady appreciation in the value per unit area, which aligns with ongoing market demands.

Further analysis reveals a departure in trends between property listings and actual house sales. While the number of properties listed (i.e., the number of homes for sale on the MLS) rose from 413 in February 2024 to 604 in May 2024, the number of sold homes peaked in October 2023 (with 1,203 sales) before dropping to 710 in January 2024 and somewhat recovering to 1,039 in May 2024. This indicates not just seasonal fluctuations but possibly varying investor sentiment or market conditions.

The average sale price in Wico has seen a slight decline from $230,219 in March 2024 to $225,651 in May 2024. However, the average sale price per square foot has maintained a steadiness, remaining at $162 throughout the period from February to May 2024.

Comparing April this year to May last year, the average listing price is down 195

May 2023 April 2024 Change
Median Listing Price $279.1K $225.3K -19.29%
Median Sold Price $225.3K $225.3K -0.03%
Homes For Sale 393 591 50.38%
Homes Sold 1,135 971 -14.45%

Comparative Insights From Nearby Cities

Placing Waco’s market trends within a regional context, comparisons with nearby cities for May 2024 reveal some disparities and patterns worth noting.

  • Elm Mott, TX, for instance, shows a significantly lower average value at $235,000 but a higher average sale price per square foot ($166) compared to its listing price per square square foot($152). This might suggest properties in Elm Mott are selling at a premium to their listed value, a trend not observed as keenly in Waco.
  • Axtell, TX displays much higher valuation but fewer transactions, with an average value of properties standing at $340,000 and just three properties on the market. The average sale price per square foot here impressively reaches $208, far surpassing its listed price per square foot at $145.
  • Woodway, TX offers another interesting contrast, where an even higher average value of $429,000 combines with a significant amount of transactions (185 properties sold). The sale price per square foot here stands at $178, which is a bit under its listing price per square foot at $181.
  • Hewitt and Lorena, both relatively close to Waco, show varying degrees of market behavior as well. Hewitt’s average listed value stands at $330,000, with a high consistency in its sale price per square foot matching the listing price at $182. Lorena, on the other hand, sees its properties on average listed at $339,900 but selling less at an average of $288,707, with properties fetching a higher price per square foot in sales at $186 compared to $183 when listed.

Conclusion

In summary, prices per square foot are trending upwards even when the average sale prices show minor fluctuations downward, reflecting a complex interplay of market forces. Comparative analysis with nearby cities further enriches the landscape, showing varying levels of market activity and valuation metrics. Investors and homebuyers should remain attentive to these patterns for informed decision-making.

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