Yearly Market Trends for The Hills Above and Possum Kingdom Lake Real Estate
This 2024 Hills Above Year in Review analysis highlights key metrics, including average cost per square foot, property sales by type, and year-to-year comparisons, to provide an insightful overview of the market. The goal is to be able to quantifiably show buyers and sellers the growing or declining values within The Hills Above Possum Kingdom real estate market.
Average Cost Per Square Foot
The cost per square foot for homes in The Hills Above and Possum Kingdom Lake varies by age and waterfront status. Here’s a breakdown:
Non-Waterfront Properties:
2022:
- Homes built in the last 10 years at time of sale: $239.70.
- Homes over 10 years old: $279.21.
2023:
- Homes built in the last 10 years at time of sale: $242.38.
- Homes over 10 years old: $241.60.
2024:
- Homes built in the last 10 years at time of sale: $258.67.
- Homes over 10 years old: $240.89.
*Waterfront Properties: There were not enough recorded sales of waterfront single-family homes from 2022 to 2024 to give accurate averages and estimates.*
Summary: 2022 had 2 home sales that were over 10 years old that perhaps could be considered outliers or abnormal. This explains the drop in averages over the following years. Homes built within 10 years of the time of closing have seen a steady and persistent growth. By these estimates, 2,000 square foot home that sold for $479,400 in 2022, could have resold in 2024 for $517,340. That’s a $37,940 difference in just years of ownership.
Number of Sales by Property Type
The sales activity in the region has remained consistent, with unimproved land being the most frequently sold property type.
Non-Waterfront Properties: 2022:
- Unimproved Land: 95 sales + 9 waterfront sales.
- Single-Family Homes: 10 sales.
2023:
- Unimproved Land: 45 sales + 5 waterfront sales.
- Single-Family Homes: 6 sales.
2024:
- Unimproved Land: 18 sales + 1 waterfront sale.
- Single-Family Homes: 4 sales.
Summary: A steady decrease in sales over the years has been occurring, almost half the number from each preceding year. This would typically indicate a decline interest in the area, but as we will see in the next section, the cost per acre has actually grown in 5 of the 6 comparisons. Because of the amount of inventory, this implies that buyers are becoming more selective but are willing to pay higher prices for “the right” property.
Average Cost Per Acre for Unimproved Lots
The cost per acre for unimproved land in The Hills Above and Possum Kingdom Lake reflects its value as prime real estate.
Non-Waterfront Properties:
- 2022: $13,671.37 per acre.
- 2023: $17,041.14 per acre.
- 2024: $15,746.36 per acre.
Waterfront Properties:
- 2022: $85,936.02 per acre.
- 2023: $114,260.77 per acre.
- 2024: $129,911.79 per acre.
Summary: with the exception of 2024 non-waterfront, property sales by acre value have increased every year within both categories.
Best Month for Sales
Combining data for both waterfront and non-waterfront properties, May emerged as the best month for sales, with a total of 28 transactions. This trend reflects increased buyer activity during the spring months, likely driven by favorable weather and market conditions.
Conclusion
The Hills Above and Possum Kingdom Lake real estate markets continue to thrive, with growing demand for both unimproved land and single-family homes. Waterfront properties, while limited to unimproved land sales, command significantly higher prices, both in cost per acre and market appeal. The consistent rise in property values across both categories underscores the area’s appeal, making it a prime destination for investors and homebuyers alike.
** The data provided in this 2024 Hills Above Year in Review has gathered from North Texas Real Estate Information Systems, Inc. (NTREIS) MLS System as of 1/24/2025. The article was written by Matthew Renfro with the data being consolidated using artificial intelligence.
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