2024 Westside Year in Review Market Report
The Westside of PK is unique in a lot of ways. As one of the few remaining areas where it’s possible to get a full acre of waterfront, with the possibility of a dock, and be able to drive to, it sets itself apart. This short article is intended to show the growth and/or value adjustments that have taken place over the last 3 years, in the Possum Kingdom real estate market on the Westside of PK. For a detailed look back, here’s the 2024 Westside Year in Review.
A Three-Year Analysis of Westside and Possum Kingdom Real Estate Trends
Over the last three years, the real estate market on the Westside of Possum Kingdom Lake has undergone a curious shift. This analysis delves into trends and key differences between 2022, 2023, and 2024, highlighting important patterns in sales, pricing, and property types.
* For simplicity and awareness, we only used waterfront properties for the data points. This will not include homes in The Retreat, Fox Hollow, Possum Hollow, or various other interior home sales. **
Average Cost Per Square Foot
One of the most telling indicators of real estate trends is the average cost per square foot for single-family homes:
- 2022: $548.09
- 2023: $538.73
- 2024: $536.65
While the price per square foot slightly decreased in 2023 and 2024 compared to 2022, the differences suggest a relatively stable market for single-family homes in this area of Possum Kingdom Lake. I will break this down further based on what year the homes were built.
Number of Sales
The total volume of sales showcases market activity:
- Unimproved Land:
- 2022: 1
- 2023: 2
- 2024: 1
- Single-Family Homes:
- 2022: 14
- 2023: 11
- 2024: 10
The dip in single-family home sales in 2023 and 2024, compared to 2022, could indicate a slight cooling in the Westside real estate market. However, the reality is there has been a slow decline in properties hitting the market on the PK Westside. The limited number of land sales shows the rarity of completely undeveloped waterfront land in this area, but this could also be applied across all of Possum Kingdom Lake.
Average Cost Per Acre (Unimproved Land)
When focusing on unimproved lots, the average cost per acre has shown a notable upward trend:
- 2022: $425,696.59
- 2023: $627,469.42
- 2024: $784,729.59
These rising costs show the growing demand for land in the Possum Kingdom real estate market, with prospective buyers potentially aiming to build custom homes near the lake’s serene environment. The size of the lots and the ability to have a dock on most of the lots makes the PK Westside ideal for many people.
Monthly Sales Activity
Seasonal trends provide additional insights:
- 2022:
- Strong activity in April and June, with 4 and 5 single-family home sales respectively.
- Unimproved land sales peaked in August.
- 2023:
- December saw the highest activity, with 3 single-family homes sold.
- Unimproved land sales also peaked in December.
- 2024:
- March was a strong month for single-family homes, with 4 properties sold.
- Land sales were highest in June.
The intriguing pattern suggests a combination of summer demand (the vast majority of property sales at PK happen during this time) and, interestingly, December-March driving sales in the Possum Kingdom real estate market.
Cost Per Square Foot by Age of Homes
Breaking down single-family home prices by the age of the property reveals interesting distinctions:
- Homes Built in the Last 15 Years:
- 2022: $572.46
- 2023: $568.28
- 2024: $615.92
- Older Homes:
- 2022: $534.56
- 2023: $459.94
- 2024: $516.83
The higher cost per square foot for newer homes underscores their appeal in the Westside market, while older homes—particularly in 2023—saw a notable dip in value. This suggests that buyers in the Possum Kingdom Lake area are prioritizing modern features and updated amenities. While there are obvious differences in the newer builds verses older homes, these numbers are far closer than other areas of the lake, where new builds can exceed $750 per square foot.
Key Takeaways
- The Westside and Possum Kingdom real estate markets have remained resilient. The number of homes hitting the market appears to have seen a decline, but 2025 is already seeing a quick start to available homes on this side of PK, as well as homes that have already gone under contract.
- Unimproved land is seeing rising costs per acre, reflecting heightened demand for buildable lots near the lake.
- Seasonal peaks in activity vary but consistently occur in summer and early-year months.
- Newer homes continue to command higher prices per square foot, illustrating buyers’ preferences for updated properties.
Final Thoughts
The Westside and Possum Kingdom Lake real estate markets offer a mix of stability and growth opportunities. While single-family home sales have softened slightly, rising land prices and the enduring appeal of newer properties point to a vibrant future. Whether you’re looking to buy, sell, or invest, the Possum Kingdom real estate market continues to attract attention for its beautiful landscapes and development potential.
** The data provided in this 2024 Westside 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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