Prosper, TX

The housing market in this ZIP code is currently Very Weak. A significant decline in the pending ratio year-over-year, alongside a reduction in median listing price and median price per square foot, indicates a sustained downturn. Despite an increase in active listings, the lack of new listing growth suggests a market adjusting to lower demand, impacting price discipline and prolonging market times.

The median listing price has declined by 6.7% over the past year, reaching $813,750, while the median price per square foot has also decreased by 5.1% to $237. Active listings have expanded by 10.5% year-over-year to 389 units. However, new listings remained flat over the past year at 72 units. The median days on market increased by 4.7% to 67 days, and the share of price-reduced listings is currently 34.6%. The pending ratio is 0.24, marking a 2.0% decrease compared to the previous year.

The notable year-over-year decline in the pending ratio, coupled with an increase in days on market and reduced pricing, suggests a market environment favoring more measured negotiations. While overall inventory has increased, the stability in new listing volume indicates a recalibration rather than an influx of supply. This condition implies a need for greater price discipline from sellers and offers extended evaluation periods for potential buyers.

The average listing price, at $937,352, significantly exceeds the median listing price of $813,750, highlighting a notable spread characteristic of segments with higher-value properties. The median price per square foot is $237, reflecting the broader market pricing dynamics.