A Three-Year Look at Peninsula Real Estate Trends Around Possum Kingdom Lake
The Peninsula centered on Possum Kingdom Lake has been a dynamic real estate market over the last three years, with noticeable shifts in pricing, sales volumes, and buyer preferences. The 2024 PK Peninsula Year in Review provides an in-depth analysis highlighting key trends from 2022 to 2024.
Average Cost Per Square Foot: A Consistent Performer
The overall average cost per square foot of single-family homes in the Peninsula remained relatively stable:
- 2022: $687.70
- 2023: $606.35
- 2024: $608.11
While 2022 saw the highest average, the subsequent years showed a slight decrease, indicating a minor market correction or stabilization. As you will notice in the next section, the number of home sales was almost half of 2023 & 2024, highlighting the lower inventory available that year in this premier area of PK. The consistency underscores the enduring appeal of Peninsula properties near Possum Kingdom Lake.
Sales Volume: Single-Family Homes Dominate
The number of sales provides insight into market activity:
- Unimproved Land Sales:
- 2022: 1
- 2023: 0
- 2024: 1
- Single-Family Homes:
- 2022: 8
- 2023: 15
- 2024: 15
The surge in single-family home sales in 2023 and 2024 reflects larger inventory available. Driven by the appeal of owning property in the Possum Kingdom real estate market, sales continue to grow.
Land Value Soars
For unimproved lots, the average cost per acre has risen sharply:
- 2022: $1,033,898.31
- 2023: No sales
- 2024: $1,127,819.55
This increase signals growing demand for developable land in the Peninsula, fueled by Possum Kingdom Lake’s depleting unimproved waterfront lots, specifically those that are not in an HOA/POA and have the opportunity to have a dock.
Monthly Trends: Summer Hotspots
Examining monthly sales activity reveals seasonal patterns:
- 2022:
- May and September saw peaks with 2 single-family homes sold each.
- A single unimproved lot was sold in July.
- 2023:
- June led the year with 3 single-family homes sold.
- A consistent flow of sales occurred from February to December, with a single condo sale in December.
- 2024:
- August was a standout month with 3 single-family home sales.
- One unimproved lot sold in September.
These trends highlight the summer months as prime time for Peninsula real estate transactions, reflecting the seasonal appeal of Possum Kingdom Lake.
Age Matters: Home Pricing by Age
Breaking down single-family home costs by age reveals distinct preferences:
- Homes Built in the Last 10 Years:
- 2022: No data available
- 2023: No data available
- 2024: $725.08 *2 newer homes were excluded due to 1 being sold prior to completion and the other being a mobile home.
- Older Homes:
- 2022: $724.31 * Slightly skewed due to some “older” homes being fully remodeled on the interior.
- 2023: $606.35
- 2024: $620.30
Remember that 2022 had a very limited inventory. Supply and demand proving itself true again. Buyers seem willing to pay a premium for older homes with character and established locations, though newer homes are also gaining traction in 2024.
Key Takeaways for Peninsula Real Estate
- Stable Pricing: Single-family home prices per square foot have remained steady, cementing the Peninsula’s status as a desirable market within Possum Kingdom real estate.
- Increased Activity: The rise in single-family home sales in 2023 and 2024 indicates sustained demand.
- Soaring Land Values: The sharp increase in the cost per acre highlights growing interest in developing new properties near Possum Kingdom Lake.
- Seasonal Peaks: Sales activity consistently peaks during summer months, coinciding with the lake’s busiest season.
- Buyer Preferences: Newer homes are increasingly appealing for their modern amenities and design, but being located on the PK Peninsula continues to command premium prices.
Final Thoughts
The Peninsula real estate market on Possum Kingdom Lake offers a mix of stability and growth potential. With steady home prices, rising land values, and strong seasonal demand, it remains an attractive option for buyers and investors alike. Whether it’s a waterfront property, a family home, or a pristine lot to build on, Possum Kingdom real estate continues to shine as a premier destination for discerning buyers.
** The data provided in this 2024 PK Peninsula Year in Review has gathered from North Texas Real Estate Information Systems, Inc. (NTREIS) MLS System as of 1/20/2025. The article was written by Matthew Renfro with the data being consolidated using artificial intelligence.
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